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CARES Act 401k Withdrawal - Permitted, But Avoid?
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CARES Act 401k Withdrawal - Permitted, But Avoid?

Andrew Leahey 🦣
May 22, 2020
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CARES Act 401k Withdrawal - Permitted, But Avoid?
www.taxmailinglist.com

Everyone is feeling the pinch of COVID-19 financially. If you’ve been hit especially hard, you may be looking at ways to leverage savings and investments to bridge the gap. The CARES Act opened up one such avenue in to 401k savings — withdrawals of up to $100,000 will not be subject to the standard 10% early withdrawal penalty for individuals under 59 1/2 years of age provided the withdrawal is paid back within 36 months. With the future of the economy very much uncertain, each investor—borrower will need to consider carefully whether they expect to be in a financial position to repay their withdrawal in the next three years. Read my full article in April’s Tax Notes.

As always, if you have specific questions regarding 401k withdrawals, please don’t hesitate to get in touch. This is a complex area of tax law and you cannot base your decisions on a cursory overview of the topic, such as this one.

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CARES Act 401k Withdrawal - Permitted, But Avoid?
www.taxmailinglist.com
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