Kemosabe
Level 1
02-18-2022
09:41 AM
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in proseries how do you show a payback from a loan from your retirement fund to puchase a house
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sjrcpa
Level 15
02-18-2022
09:57 AM
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You don't. It has no effect on the tax return.
The more I know the more I don’t know.
dkh
Level 15
02-18-2022
10:35 AM
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If taxpayer received 1099R, there is an exception to penalties for first time home buyer.
sjrcpa
Level 15
02-18-2022
11:14 AM
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Could be. OP did say loan, though.
The more I know the more I don’t know.
sjrcpa
Level 15
02-18-2022
11:15 AM
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Possible, but OP said loan.
The more I know the more I don’t know.
qbteachmt
Level 15
02-18-2022
02:35 PM
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It's not repaying the loan that would trigger a 1099-R (for withdrawal/distribution) that would be part of the tax reporting. Repaying is expected.
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