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Discussion:401k Loan

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Discussion Forum Index --> Advanced Tax Questions --> 401k Loan

Discussion Forum Index --> Tax Questions --> 401k Loan

Walking Spanish (talk|edits) said:

8 April 2009
The facts are these:

Taxpayer took out a loan from his 401K plan, then passed away. The plan custodian properly issued Form 1099R for the unpaid balance.

I'm taking a vote. Does this income go on Form 1040 or Form 1041?

Put your ballot in the yellow box.


Kevinh5 (talk|edits) said:

8 April 2009
my vote is BOTH


(because the 1099 will be in his SSN will have to be in & out on 1040, but was for income after date of death).

also, hope it was coded 4L because he died

Kevinh5 (talk|edits) said:

8 April 2009
how do you imbed a laugh track here: like Vincent Price laughing at the end of Michael Jackson's 'Thriller'?

Doug M (talk|edits) said:

24 March 2014
Reviving an old thread. Taxpayer dies Oct 2013. Has an outstanding 401k loan. Paid every 2 weeks. First payroll goes by and defaults on loan.

Fidelity did not use an L code and sent the 1099R in the decedent's social and his name.

Properly taxable to the 1041, correct?

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