Assuming a participant has never contributed to any of these employer retirement plans, a participant's loan from
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Question:
Assuming a participant has never contributed to any of these employer retirement plans, a participant's loan from a qualified plan, Section 403(b) plan, or governmental Section 457 plan for the purpose of purchasing a principal residence is considered qualified residence interest and it is deductible if the participant itemizes. Under what circumstance is this loan interest not deductible?
If the loan is greater than $100,000
If the loan is made to a greater than 5% owner of the employer
If the loan is made to an officer of the company earning more than $185,000 in 2021
If the loan is made to a greater than 1% owner with income greater than $150,000
Related Book For
Principles of Risk Management and Insurance
ISBN: 978-0132992916
12th edition
Authors: George E. Rejda, Michael McNamara
Posted Date: