FAQs - Family Law Software


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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 401(k) loan repayment.

1. Enter the 401(k) balance as the current balance (as reduced by the loan).

2. Add a footnote to indicate that there is a loan outstanding from the 401(k).

3. Enter the repayments as nondeductible contributions to the 401(k). 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."