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February 7, 2024
Question

Can I get a deduction on the interest I pay for a 401K loan?

  • February 7, 2024
  • 1 reply
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We took out a 401K Loan last year and have paid some interest on it.  Does that count toward deductions?

1 reply

February 7, 2024

No.

 

Interest on your 401(k) isn't tax-deductible. It is similar to interest paid on a private loan.

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