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Retirement Plans and IRA FAQ's

07 May 2020
Retirement Plans and IRA FAQ's

The IRS has added FAQs on new retirement plan distribution and loan rule changes. The FAQs answer questions about withdrawals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In general, the law provides for expanded distribution options and favorable tax treatment for up to $100,000 of COVID-19-related distributions from eligible retirement plans to qualified individuals, as well as special rollover rules for such distributions. One question asks: When are taxes due on distributions? The answer is ratably over three years. Another FAQ explains that it’s optional for employers to adopt the distribution and loan rules. Read the FAQs: https://bit.ly/3dhQcLO 

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