Question

the term"qualified plan loan offset amount" means a plan loan offset amour which is treated as distributed from a qualified employer plan to participate or beneficiary by reason of:
1. the termination of the qualified employer plan
2. due to hardship
3. the failure to meet therepayment trends of the loan from such plan because of severance from employment of the participant

A. items 1 and 2 are correct
B. items 1 and 3 are correct
C. owns 2 and 3 are correct
D. Owens1,2and three are correct

Answer 1

Answer:

Correct answer is:

B. items 1 and 3 are correct

Explanation:

As per 'Tax Cuts and Jobs Act', the term ‘qualified plan loan offset amount’ means a plan loan offset amount which is treated as distributed from a qualified employer plan to a participant or beneficiary solely by reason of—

‘‘(I) the termination of the qualified employer plan, or

‘‘(II) the failure to meet the repayment terms of the loan from such plan because of the separation from service of the participant (whether due to layoff, cessation of business, termination of employment, or otherwise"

Other options A , C and D are incorrect.