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 Major Changes to Retirement Plans Due To COVID-19

Major Changes to Retirement Plans Due To COVID-19

Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020.
These coronavirus-related distributions aren’t subject to the 10{03db7aad271a1be9e8d51388c7ba3a54bc6539e9aa1defab6f28c3451175a35a} additional tax that generally applies to distributions made before reaching age 59 and a half, but they are still subject to regular tax. Taxpayers can include coronavirus-related distributions as income on tax returns over a three-year period. They must repay the distribution to a plan or IRA within three years.
Qualifications for relief.
The law defines a qualifying person as someone who:
✅Has tested positive and been diagnosed with COVID-19✅ Has a dependent or spouse who has tested positive and been diagnosed with COVID-19.
Experiences financial hardship due to them, their spouse or a member of their household:
✅ Being quarantined, furloughed or laid off or having reduced work hours✅ Being unable to work due to lack of childcare✅ Closing or reducing hours of a business that they own or operate✅ Having pay or self-employment income reduced o Having a job offer rescinded or start date for a job delayed
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