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 completing my very complex tax returns for the past 10 years. He is an efficient, effective and highly competent CPA who returns great value for services performed. I highly recommend him to anyone seeking such expertise”.
Dennis F. 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. 

Proper supply is an great part of leading a healthy lifestyle. How can medicaments help us? What points families look for when they are going to order any medications? There are variant conditions such as bipolar disorder which have no cure. Certainly it isn't all. Cialis is a curing used to treat variant troubles. What do you know about http://isviagraoverthecounter.com/over-the-counter-antibiotics.html? Perhaps you know about (Read more ). Fairly, for a lot of men, bringing up the problem in the first place is the toughest step. A scientific research found that more than 14 percent of patients taking Zyban reported sexual soundness problems. The truth is that nearly all prescription remedies have some kind of undesirable aftereffects, from headache to death. Your physician will review your info, provided medications, including Cialis, is fit for you.

Designed by NJ Designs