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Coronavirus Relief for Retirement Plans and IRAs

| February 15, 2021

Due to coronavirus relief, if you withdrew money from your retirement plan or your IRA in 2020, you are not required to pay the 10% additional tax if you are under 59 1/2. 

Here are a couple of options:

  •  Choose to pay the tax on your withdrawal over a three-year period, one third each year or pay tax on the entire distribution in 2020.  
  •   A three-year repayment option repaying your distribution beginning the day after the date you received the distribution and it will be treated as though it was a direct rollover, therefore not taxable.

For more information