Here's how the CARES Act eases retirement account rules during COVID-19:
Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors.
Baltimore-based CPA Michele Cagan warns that you will be required to prove that COVID-19 affected you personally if you want to take advantage of the CARES Act provisions. Without a valid Coronavirus-related condition, you’ll need to play by the standard rules. “There’s no mandatory 20% withholding from an early distribution, as would normally be the case, but that does not mean that people won’t owe taxes. It’s important to budget appropriately to be able to pay your taxes,” said Nelson
According to Certified Financial Planner Sharif A. Muhammad, the interest rate is determined based on a certain percentage over an index-rate like Prime or the 10-Year Treasury.
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