The Cares Act
Eligible individuals can now withdraw up to $100,000 from their retirement accounts, in total, without penalty as long as they pay back the distributions within three years.
What’s more, individuals shouldn’t consider the option to tap savings a free lunch. All that happens is you are relieved of the 10% early-withdrawal penalty. You still owe tax, at least eventually, on traditional 401(k) and IRA withdrawals. This tax can be enormous.
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