I received a paper statement showing federal and state taxes deducted from the gross amount along with a check for the net. What form do I use to report these deductions on my taxes? My 401k web site does not reflect this statement. I have paid the loan back.
What amounts are in what boxes on the Form 1099-R that you received?
The amount of federal income tax witheld goes on page 2 of the 1040R on the line for federal income tax withheld.
Sounds as if the plan administrator considers the loan to have defaulted.
This doesn't make any sense. A loan doesn't create a tax liability unless it turns into a deemed distribution because of default or termination of employment. Without a tax liability there's no withholding. Maybe you could give us a timeline, and tell us whether you got a 1099-R? If you did get a
1099-R, what's the code in Box 7?Phil Marti VITA/TCE Volunteer Clarksburg, MD
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.