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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