The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. This wide-ranging effort to combat the economic upheaval created by the COVID-19 outbreak gives individuals options to utilize retirement plans and Individual Retirement Accounts (IRAs) to help deal with the economic impact of the pandemic.
Taxpayers who are under age 59 ½ are able to take up to $100,000 from their qualified plan or IRA without a 10% penalty and all taxpayers are able to borrow up to $100,000 from their qualified plan. The new tax law also waives required minimum distributions in 2020 so taxpayers are not forced to take distributions when account values have declined.
Click on the article below to read more about the retirement changes.