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February 17, 2025
Question

if i am repaying a loan from my 401K do i need to report this?

  • February 17, 2025
  • 1 reply
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    1 reply

    SharonD007
    February 17, 2025

    No, you don't report loans that you took from your 401 (k) on your tax return. When you take a loan out from a 401(k) plan, the money you take out is tax-exempt as long as you pay it back on time. As you make payments, the interest you pay is paid to your 401(k) account.

     

    Refer to the TurboTax article What happens if I have a 401(k) loan but later lose or quit my job? for additional information.

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