Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020.
These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a half. However, they are still subject to the regular tax. Taxpayers can include coronavirus-related distributions as income on tax returns over three years. They must repay the delivery to a plan or IRA within three years.
To learn more, follow this link.
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