IRS Memorandum on Calculating Maximum Loan Amount

The IRS issued an internal memorandum to its auditors on calculating the maximum loan amount where there is or has been a prior loan.

Document Excerpt

This memorandum directs EP Examinations staff to determine, as set forth below, the amount available for a loan where the participant has received multiple loans during the past year from a qualified plan, under ยง 72(p)(2) of the Internal Revenue Code (IRC).

Link
https://www.irs.gov/pub/foia/ig/spder/tege-04-0417-0016.pdf

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