goldtpa Posted June 3, 2020 Posted June 3, 2020 Client wants to take a COVID related loan of 100,000 and also take a $100,000 COVID related distribution. I haven't seen anything about a 100,000 loan and a 100,000 distribution. I know that the $100,000 COVID distribution limit is from all plans. But wasn't sure if that includes loans too.
Lou S. Posted June 3, 2020 Posted June 3, 2020 Assuming he has enough in the account and he qualifies for the COVID provisions, I don't see anything that would prohibit doing both. Luke Bailey 1
Larry Starr Posted June 4, 2020 Posted June 4, 2020 6 hours ago, Lou S. said: Assuming he has enough in the account and he qualifies for the COVID provisions, I don't see anything that would prohibit doing both. Yup; them's the rules! Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, MA 01089 413-736-2066 larrystarr@qpc-inc.com
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