Thinking about an early Retirement distribution this year?
If you are struggling financially due to the current Pandemic - you may be eyeing up your retirement assets as a resource.
Normally that would be riddled with disadvantages if you are under age 59 1/2 but the CARES Act is offering some relief this year. If you have been impacted you can take a Coronavirus-related distribution up to $100,000 without incurring the normal 10% penalty. In addition the withdrawal can be taxed over a 3 year period and/or can be repaid within three years in order to avoid some or all of the tax. There are specific rules but they are fairly broad so most people will qualify. Let us know if this is something you are considering and we can help figure out the tax consequences for you.