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December 31, 2017. O March 1, 2018. April 1, 2018. O April 18, 2018. Mark for follow up Question 11 of 75 When Lisa lost her job, she had an account balance of $25,000 in her 401(k). She also had an outstanding 401() plan loan of $9,000 secured by that balance. She made no after-tax contributions. If Lisa is unable to repay the loan and elects to take it as a distribution, what is the mandatory withholding? O $1,800 O $3,200 $5,000

ANSWER

Mandatory withholding is 20% of the outstanding account balance.
Lisa 401(K) account balance = $25,000
Mandatory withholding = 20%
So, mandatory withholding = $25,000 × 20%
= $5,000
Mandatory withholding for Lisa is $5,000.

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