Accsess Your Retirement Plan and IRA Funds Penalty Free

The CARES Act provides for special distribution options and rollover rules for retirement plans and IRAs and allows borrowings from certain retirement plans. The 10% penalty will be waived on a coronavirus-related distribution made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRAs.

The distributions will be included as income over a three-year period, starting with the year in which you receive your distribution.

For more information visit https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers

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