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Did You Know...
Family Law Software can calculate child support guideline amounts in 21 states.
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Question: How can I represent a loan from a 401k that is being paid back?
Answer: Here is how to represent an 401k loan repayment.
1. Enter the 401k balance as the amount as reduced by the loan.
2. Add a footnote to indicate that there is a loan outstanding from the 401K.
3. Enter the repayments as nondeductible contributions to the 401k. To do this, go to the "more info" screen, select "Contributions and Distributions, and click the link to "View/Edit Annual Retirement Contributions." Make your entries under the heading "Nondeductible Contributions."