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J
jtock23
February 3, 2025
Question

Do I need to report a former employer 401k loan payoff as taxable income, even though the loan was paid off prior to rollover?

  • February 3, 2025
  • 1 reply
  • 0 views
I received a 1099-r from the former fiduciary company and the loan payoff amount is showing in the 2a box for taxable amount with nothing shown for tax withholding.

    1 reply

    R
    RobertB4444
    February 3, 2025

    If the loan was paid off prior to the rollover then there should be nothing in box 2.  You will need to contact the company that issued the 1099-R and request a corrected form.

     

    @jtock23 

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