15740
Level 3
06-01-2020
05:45 PM
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I have a client with many health problems and he took $25,000 from his 401K. He received a 1099-R showing the $25,000 and with M1 code. He says it's a loan and it shouldn't go in income. But, from everything I'm reading - he doesn't have a payment plan set up, etc. He did leave the company, so don't know if that makes a difference? The money was taken out, he says, to pay medical bills. But, i'm not sure that 100% was used for just medical. Any ideas, I would sure appreciate it.
Thanks!
jean
Jean Anderson