Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?
“Jerry has been doing my individual taxes for the past 7 years. He must be doing OK since I haven’t been audited or had to pay any fines. In addition to my regular taxes, Jerry completed the final returns for my mother’s Living Trust in California. Before taking on this task Jerry let me know that he hadn’t handled a trust, especially in California for a long time. This required Jerry to make the extra effort to research and consult with a lawyer to successfully file the IRS and California returns and to close the financial requirements of the trust. I highly recommend Jerry’s services".
Leif L., Taxpayer

Retirement Plan Loans

Most types of retirement plans (including 401(k), profit-sharing and 403(b) plans) are permitted to offer loans. However, before you decide to take a loan from your retirement plan, consider what may happen if you:

• Can’t repay the loan according to its terms, or
• Leave your job before repaying the loan in full

What happens if you don’t repay the loan?

Your plan administrator will report the unpaid loan balance as a distribution and you must:

• Include any previously untaxed amount of the distribution in your gross income, and
• Pay an additional 10% tax unless you are over 591⁄2 years old or qualify for another exception

What happens if you leave your job before you repay the loan?

If you quit, retire or are terminated, your plan administrator may require you to repay the outstanding amount of the loan in full at that time. Otherwise, the outstanding amount is:

• Deducted from your retirement account balance, and
• Treated as a distribution to you (see above), but you may be able to roll over the amount of the distribution and avoid any taxes

Remember, your plan is designed to help you save for when you retire, so be careful before borrowing from it now.

Below are links to helpful retirement information on IRS.gov.

Plan Loans – information on what types of plans allow loans, how much you can borrow, required loan terms and tax consequences of non-repayment.
Frequently Asked Questions Regarding Loans – answers to common questions on borrowing from a retirement plan. 

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