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Showing results for tags 'Distribution Date'.
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Hello Everyone, I just received a notice from the IRS today that I was somewhat expecting. With that said, I believe the organization that issued the original 1099 has the year wrong. Scenario: I worked for company ABC for 7 years and took out a 401k loan. I was making regular payments through my paycheck until I left this company at the end of July 2013. I never did receive a 1099 and actually forgot about it until I got the 1099 in May of 2014. (This is when I knew I would be expecting a bill from the IRS in the future) I received the bill today in regards to my 2014 taxes. I believe the distribution from my 401k loan should have been on 12/31/2013 (for my 2013 taxes) based on the following: Per the IRS: "For example, if the quarterly payments were due March 31, June 30, September 30 and December 31, and the participant made the March payment but missed the June payment, the loan would be in default as of the end of June, and the loan would be treated as a distribution at the end of September. " I currently have the organization that managed my 401k doing 'Research' because they were not able to give me answers over the phone. Can someone confirm whether I am correct or wrong? Thanks in advance.
