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June 1, 2019
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I borrowed money from retirement, do i need to claim this income?

  • June 1, 2019
  • 1 reply
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Best answer by Texas Roger

If this is a loan, it is not reported on your tax return. If it is not repaid, the financial institution would convert it to a distribution and then you would receive a 1099-R and report it as income.

1 reply

Employee
June 1, 2019

If this is a loan, it is not reported on your tax return. If it is not repaid, the financial institution would convert it to a distribution and then you would receive a 1099-R and report it as income.