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Asked 2/21/2008
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1099 form for loanfrom 401k My husband borrowed money from his 401k inJan 2007. Should we have a 1099 form to file this year or will we get it next year? We contacted our human resources person at our job and they said it would be next year. That just doesn't make since because we got the loan in 2007. |
Answer 1/1 - Submitted 11/25/2011
A loan from a 401(k) isn't a taxable event if you're still paying it back.
It's only when the loan is defaulted, usually because the employee is no longer working for the company, that the remaining balance becomes a distribution, subject to income tax and penalty. At that point, a 1099-R would be issued.
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