I recently retired and had a loan outstanding. I was sent a letter with 3 options:
*Payoff loan in full
*Partial payoff and declaring taxable distribution on balance
* sign Intent not to repay statement
If I send the Intent not to repay statement in, are there consequences other than paying Fed tax? I'm over 59 1/2 in regards to the 10% early withdrawal penalty tax.
Payment date is Jan 11, 2022. If I send the letter in January before the 11th, will the taxable distribution be declared for 2022 instead of 2021 when I actually took out the loan?
Thanks.
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