- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
in proseries how do you show a payback from a loan from your retirement fund to puchase a house
This discussion has been locked. No new contributions can be made. You may start a new discussion here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You don't. It has no effect on the tax return.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If taxpayer received 1099R, there is an exception to penalties for first time home buyer.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@sjrcpa wrote:
You don't. It has no effect on the tax return.
Unless maybe we're talking about the 8915-F Part IV.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Could be. OP did say loan, though.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Possible, but OP said loan.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Don't yell at us; we're volunteers