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16 December, 07:32

When Miles separated from service with his former employer, he had a $10,000 outstanding balance in an employer plan loan. He received a total distribution of $30,000 without regard to the loan. The check he received was for $14,000. Mandatory withholding was $6,000. How much of the distribution is taxable

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  1. 16 December, 08:02
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    taxable distribution is $30000

    Explanation:

    given data

    outstanding balance = $10,000

    total distribution = $30,000

    check he received = $14,000

    withholding = $6,000

    solution

    we know here outstanding balance is given $10000 in employ plan loan

    so total they received as net of loan outstanding here is $30000

    so that total benefit here $30000

    that is eligible for the purpose

    hence here taxable distribution is $30000
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Home » Business » When Miles separated from service with his former employer, he had a $10,000 outstanding balance in an employer plan loan. He received a total distribution of $30,000 without regard to the loan. The check he received was for $14,000.
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