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

Kemosabe · ‎02-18-2022

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

sjrcpa · ‎02-18-2022

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

The more I know the more I don’t know.

dkh · ‎02-18-2022

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

rbynaker · ‎02-18-2022

@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 · ‎02-18-2022

Could be. OP did say loan, though.

The more I know the more I don’t know.

sjrcpa · ‎02-18-2022

Possible, but OP said loan.

The more I know the more I don’t know.

qbteachmt · ‎02-18-2022

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