You worked hard to help Bob and Candi set up a qualified plan in January. They came
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You worked hard to help Bob and Candi set up a qualified plan in January. They came to you today and said that, on September 30th, Sam Sweet withdrew $2,000 from his Truffle Times qualified plan to pay for his vacation. He had an adjusted basis in the plan of $5,000 and the fair market value of the account as of September 30th was $5,520. They wanted to know if that would be taxable to Sam and to help calculate the taxable amount of the distribution and any applicable penalty.
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