Welcome to
TaxNoTuesday!!
Under the CARES
Act, individuals
impacted by
coronavirus can
access up to
$100,000 from
their 401(k)s and
IRAs with fewer
(
more)
Welcome to TaxNoTuesday!!
Under the CARES Act, individuals impacted by coronavirus can access up to $100,000 from their 401(k)s and IRAs with fewer consequences than usual.
Typically, the penalty for withdrawing from a 401(k) before the age of 59½ is 10% of the distribution, plus an automatic withholding of at least 20% for taxes. But with the passage of the CARES Act, that all changes in 2020.
resource:
https://www.irs.gov/
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Free COVID-19 Relief Summary PDF Download:
https://www.wycotax.com/
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