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    jenpogoda's Avatar
    jenpogoda Posts: 1, Reputation: 1
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    #1

    Apr 4, 2008, 04:05 PM
    For fed tax purposes, did I receive a "distribution" if I borrowed against my 401k?
    I am at this section of filing my federal incom tax return and don't know how to answer:

    Retirement Plan Income
    The following types of retirement income are usually reported on Form 1099-R:

    IRAs
    401(k)s
    Annuities
    Military pensions
    Other pension plans
    Life insurance proceeds
    Disability payments
    Hurricane distributions from 2005 or 2006 that are taxable in 2007


    Did you receive a distribution from one of these retirement plans in 2007?

    I borrowed money from my 401k that I automatically repay monthly through payroll deductions. Is this considered a distribution?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Apr 4, 2008, 05:35 PM
    No a loan is not a distribution
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Apr 7, 2008, 07:16 AM
    If you took a loan the administrator should not have sent you a 1099-R, and hence you do not report the loan on your taxes. If the admin did send you a 1099-R, post back and let us know what islisted as the "reason code" for the distribution.

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