My company loaned me $5,000 to pay medical expenses. Now my loan is being taxed... please help???

Answers:0   |   LastUpdateAt:2012-09-11 16:36:05  

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fearkiller
Asked at 2012-09-11 16:36:05
My company would give me $ 2,000 as part of its profit-sharing plan . I told them to keep it and apply it to my loan to them . However, my taxed on $ 2,000 ... Is that correct ? Consider profit sharing money as a gift to employees , but now suddenly my loan is considered a cash advance and handled as income. Something does not make sense here ! Can the IRS legally make money with paying my personal loan ? I thought personal loans were not taxable? Not loan repayment only my responsibility? I feel like I'm paying interest to the IRS for this loan and seems wishy washy for me .
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