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Question re: Filing taxes after taking a loan against 401K plan
In 2019 I took out a loan against my 401K for a little over $20,000. I am paying the loan back over 5 years by payments that are automatically drafted from my paycheck. Filing of my taxes has always been pretty simple for me to do on my own, but I want to make sure I do not miss anything. Is there anything special that I need to do with regard to the loan?
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Question re: Filing taxes after taking a loan against 401K plan
As long as you are making the payments, there is no tax impact of a 401(k) loan. It doesn't get reported, you don't get any forms, you just ignore it.
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Question re: Filing taxes after taking a loan against 401K plan
A loan from a 401(k) account is not reported on a tax return.
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Question re: Filing taxes after taking a loan against 401K plan
As long as you are making the payments, there is no tax impact of a 401(k) loan. It doesn't get reported, you don't get any forms, you just ignore it.
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