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You are here: Home / coronavirus / IRS expands relief for coronavirus-related retirement plan withdrawals
IRS expands relief for coronavirus-related retirement plan withdrawals

IRS expands relief for coronavirus-related retirement plan withdrawals

posted on June 24, 2020

The CARES Act allows qualified individuals to treat as coronavirus-related distributions up to $100,000 in distributions from their eligible retirement plans (including IRAs) between Jan. 1 and Dec. 30, 2020.

A coronavirus-related distribution isn’t subject to the 10 percent additional tax that would otherwise typically apply to distributions made before an individual reaches the age of 59-½.

https://www.accountingtoday.com/news/irs-expands-tax-relief-for-taxpayers-taking-money-from-their-retirement-plans-amid-coronavirus

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