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Posted On: 01/21/2021 12:11:39 PM
Post# of 86220
You probably already know, but you can take $$$ out of your retirement account up to $100K with no penalty.
The CARES Act waives this penalty and allows you to spread the income and taxes over the next three years on your tax return.
You don’t have to repay the funds, but if you do within three years — and file amended returns — there is no tax liability for the withdrawal.
The CARES Act waives this penalty and allows you to spread the income and taxes over the next three years on your tax return.
You don’t have to repay the funds, but if you do within three years — and file amended returns — there is no tax liability for the withdrawal.
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