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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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Thanks Lev. Further clarification on my pension loan. I did

Customer Question

Thanks Lev. Further clarification on my pension loan. I did need to stop the payments for 6 weeks during a worker's comp. work stopage. I am however payeing them now. Does that make a difference?
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

Generally - you may not stop payment - I suggest to get another loan for funding and still continue regular payments.

If you will not be able to make regular payments back to the administrator of your pension plan - the balance outstanding will be deemed a distribution and will be your taxable income.

You may contact the administrator for how late you may do you payments - however if you past the deadline - the administrator will issue the reporting form 1099-R to you and to the IRS reporting the balance outstanding as distribution.

To verify your current situation - please contact the administrator of your pension plan.

 

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