Coronavirus Tax Planning Alert
(May 20, 2020, 8 p.m. ET) As mandated by the Coronavirus Aid Relief & Economic Security (CARES) Act on March 27, individuals harmed by the epidemic may make withdrawals from an IRA, 401(k) or 403(b) account before age 59½ without facing the usual 10% federally-imposed early withdrawal penalty.
On May 4, the IRS published an 1800 word statement which identified those individuals eligible for this special tax break and they subsequently promulgated special rules implementing Section 2202 of the massive CARES Act financial relief legislation.
A key section of the lengthy IRS statement says you are qualified for special tax treatment if:
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