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Defaulted Retirement Plan Loan Included in Income; Penalties Imposed (Bormet, TCM)

A retirement plan loan was included in the taxpayer’s income as an early distribution after he defaulted on his repayment. The taxpayer’s failure to maintain the repayment schedule while he was on disability leave caused the loan to go into default. Defaulted Plan Loan He did not provide evidence of the original terms of the retirement […]

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