Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, taxpayers are eligible to take up to $100,000 of coronavirus-related distributions from their retirement account through December 31, 2020 without penalties. These tax savings may seem appealing at first, but there are many considerations to keep in mind before opting for an early withdrawal from a 401(k) plan or IRA.
GSG’s premier video podcast interview includes commentary from:
- Vicki Hitchcock, Manager, Audit and Accounting Services at GSG
- Matt Cellini, Partner & Practice Lead at Greenspring Advisors
- Adam Meehan, Partner at Smith & Downey, P.A.
Watch this video podcast to learn more about how these changes from the CARES Act affect retirement plan withdrawal options and whether or not it is the best decision for you.
Contact us for any questions regarding early withdrawals.Categories: Tax Planning, Audit & Accounting, Employee Benefit Plans, Retirement Planning, COVID-19 Resources