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Retirement Plan Withdrawal Penalty Waived

2020 – 07/15 Are you suffering financially due to COVID-19? You might qualify to withdraw up to $100,000 from your IRA or other retirement plan before 12/31/20 without any negative tax consequences. Qualifying distributions aren’t subject to the 10% tax penalty that generally applies to distributions made before age 59½, and the regular tax liability can be paid over three years (or avoided if you recontribute your withdrawal within three years). You can qualify if you, your spouse or dependent has tested positive and been diagnosed with COVID-19. Other qualifiers include certain financial hardships related to the pandemic, such as being furloughed or unable to work due to lack of childcare.

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