CARES Act: Eligible taxpayers may receive assistance in the form of favorable tax treatment for withdrawals from retirement plans and IRAs.

July 31, 2020

Under the CARES Act, eligible taxpayers in need may receive assistance in the form of favorable tax treatment for withdrawals from retirement plans and IRAs. The law also allows certain retirement plans to offer expanded loan options.

It allows those eligible for coronavirus-related relief to be able to withdraw up to $100,000 from IRAs or workplace retirement plans before Dec. 31, 2020, if their plans allow, with relief applying not only to IRAs, but also to 401(k) plans, 403(b) plans, profit-sharing plans and others.

For more information from the IRS: https://bit.ly/30WNwPc