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magg661
New Member

My previous home I sold paid off the outstanding loan in full. It's shows it was not paid on the 1099r

 
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4 Replies
ColeenD3
Expert Alumni

My previous home I sold paid off the outstanding loan in full. It's shows it was not paid on the 1099r

What exactly is the problem? Where are you trying to enter the information? Form 1099-R is to report retirement income.

vashus
New Member

My previous home I sold paid off the outstanding loan in full. It's shows it was not paid on the 1099r

I took a $164000 60 day loan from my 401k to purchase a home. The loan was repaid with in the 60 days. The 1099r shows that I received $193,000 as taxable and does not show the $164000 repayment. There for I am being taxed for money that I returned. How do I correct this. 

My previous home I sold paid off the outstanding loan in full. It's shows it was not paid on the 1099r

Loans are not reported on a 1099-R, so you actually took a distribution.  After you enter the 1099-R, there are questions. One of them asks about rollovers.  That's what you did.

vashus
New Member

My previous home I sold paid off the outstanding loan in full. It's shows it was not paid on the 1099r

According to Edward Jones, that is not accurate. They had me withdraw the money under a 60 day loan agreement and if paid back with in the 60 days it was not considered a distribution.

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