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Penalties waived for certain ditributions from IRA's

Distributions of up to 100k can be taken from retirement plans (IRA’s 401k, etc.), for financial difficulties related to having someone in the family sick, or reduced/lost work hours due to COVID-19, without paying the 10% early withdrawal penalty.

The income can be picked up in one year or elected to be divided over three years.

Amounts recontributed within 3 years, will be treated as a rollover, an amended return can be filled to get back tax paid.

#covid19relief# 401k #retirement


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