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Kemosabe7
Level 1
February 18, 2022
Question

in proseries how do you show a payback from a loan from your retirement fund to purchase a house

  • February 18, 2022
  • 6 replies
  • 30 views

in proseries how do you show a payback from a loan from your retirement fund to puchase a house

This topic has been closed for replies.

6 replies

sjrcpa
sjrcpa
Level 15
February 18, 2022

You don't. It has no effect on the tax return.

The more I know the more I don’t know.
    rbynaker
    rbynaker
    Level 13
    February 18, 2022
    @sjrcpa wrote:

    You don't. It has no effect on the tax return.

    Unless maybe we're talking about the 8915-F Part IV.

      sjrcpa
      sjrcpa
      Level 15
      February 18, 2022

      Could be. OP did say loan, though.

      The more I know the more I don’t know.
      dkh
      dkh
      Level 15
      February 18, 2022

      If taxpayer received 1099R, there is an exception to penalties for first time home buyer.

        sjrcpa
        sjrcpa
        Level 15
        February 18, 2022

        Possible, but OP said loan.

        The more I know the more I don’t know.
          qbteachmt
          qbteachmt
          Level 15
          February 18, 2022

          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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