Penalties waived for certain ditributions from IRA's
Updated: Dec 29, 2020
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.