The IRS released guidance on Friday, broadening the number of people who can take 'coronavirus-related distributions' from their 401(k) plans and individual retirement accounts.
The IRS releases guidance broadening the number of people who can take coronavirus-related distributions from 401 plans and individual retirement accounts.
The IRS released guidance on Friday which details new rules for individuals affected by Covid-19 to take a withdrawal from a 401 plan or an individual retirement account. These individuals can also spread the income tax from the withdrawal over three years. However, if they repay the money into the account within that time periods, they can avoid the tax.The new guidance expands eligibility. Initially it applied just to people who were laid off, furloughed or had hours reduced, as well as those unable to work due to lack of childcare and entrepreneurs who shuttered their businesses.
In addition, the rules now permit a still-employed spouse with a retirement account to take a coronavirus-related distribution of up to $100,000 from his or her account and make up the income lost, Levine said.
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