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There are two issues here. If you took a loan, until such point as it is deemed that you are not paying it back, it is not income. If that happens, you will receive a 1099-R with the balance of the loan amount.
Again, if it does happen, you will not be able to avoid paying the 10% penalty for early distribution because that exception is only available with an IRA.
Exceptions to the additional 10% tax apply for early distributions from an IRA that are:
There are two issues here. If you took a loan, until such point as it is deemed that you are not paying it back, it is not income. If that happens, you will receive a 1099-R with the balance of the loan amount.
Again, if it does happen, you will not be able to avoid paying the 10% penalty for early distribution because that exception is only available with an IRA.
Exceptions to the additional 10% tax apply for early distributions from an IRA that are:
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