In 2019, Chana took a $10,000 loan from her employer-sponsored qualified retirement plan. When she separated from her employer in 2021, she still owed $6,000 on the loan and her account had a balance of $45,000 without regard to the loan. She requested a total distribution from the account. How much will be withheld from the distribution for the tax? $0 $7,000 $7,800 $9,000
In 2019, Chana took a $10,000 loan from her employer-sponsored qualified retirement plan. When she separated from her employer in 2021, she still owed $6,000 on the loan and her account had a balance of $45,000 without regard to the loan. She requested a total distribution from the account. How much will be withheld from the distribution for the tax? $0 $7,000 $7,800 $9,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter11: Individuals As Employees And Proprietors
Section: Chapter Questions
Problem 33P
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