CARES Act - Tax Favored Retirement Withdrawal - Spidell

CARES Act – Tax Favored Retirement Withdrawal

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Message Board CARES Act – Tax Favored Retirement Withdrawal

  • This topic has 1 reply, 2 voices, and was last updated 2 weeks ago by Mark Bole.
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    • #279844
      Anonymous
      Member

      With the CARES Act provision allowing penalty-free withdrawals of retirement funds up to $100K, with the income being reported over 3 years – can a person who is retired (age 61), but needs additional funds  after having been diagnosed with COVID-19, utilize this provision to withdraw additional funds now and include the distribution in income over a 3 year period?    I didn’t see age in the definition of a Qualified Individual for the provision, but wanted to double check.

    • #279905
      Mark Bole
      Participant

      No, there is no age restriction. It also doesn’t matter whether or not the taxpayer needs the funds for any particular purpose.

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