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March 28, 2023
Question

401k loan repayment

  • March 28, 2023
  • 1 reply
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I took a loan from my Schwab acct and paid it back within the 60 day allowed time frame.  I received a 1099-R that shows it as taxable income in window 2a. The box is checked in 2b that says the taxable amount is undetermined.  Where would I show the amount was paid back on my return?  It keeps showing as income.

    1 reply

    March 28, 2023

    After you enter the Form 1099-R, you will see a screen that says What Did You Do With The Money from (Name of your Company)? To which you must answer that you moved the money to another retirement account and you rolled all of the money to an IRA or other retirement account, or returned it to the same account. Then, the distribution won't show as taxable on your Form 1040.

     

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