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cloudeleven

Are Repayments To 403b Plans Tax-deductible?

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My mom withdrew a few thousand dollars from her 403b plan many years ago, and decided to pay it back (with interest) in 2005. Is the amount she repayed tax-deductible?

 

The amount she repayed doesn't show up on her 2005 W2. The only retirement contributions that show up on her 2005 W2 are her regular monthly 403b contributions.

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Guest Sierra

My mom withdrew a few thousand dollars from her 403b plan many years ago, and decided to pay it back (with interest) in 2005. Is the amount she repayed tax-deductible?

 

The amount she repayed doesn't show up on her 2005 W2. The only retirement contributions that show up on her 2005 W2 are her regular monthly 403b contributions.

 

Your mother withdrew $$$ from her 403b account in the form of a loan---like all loans, the amounts paid back are NOT tax deductible. The loan payments have gone back into her account. These amounts are reflected in her account statements.

 

Peace and hope,

Joel L. Frank

Edited by Sierra

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