Good News! COVID-19 IRA Withdrawal up to $100,000

Good News! COVID-19 IRA Withdrawal up to $100,000

If you are an IRA owner who has been adversely affected by the COVID-19 pandemic, you are probably eligible to take tax-favored distributions from your IRA(s).

A COVID-19-related distribution is a distribution of up to $100,000 from an eligible retirement plan, including an IRA, that is made on or after January 2, 2020, and before December 31, 2020, to an individual

  • who is diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention; or
  • whose spouse or dependent (generally a qualifying child or relative who receives more than half of his or her support from you) is diagnosed with COVID-19 by such a test; or
  • who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, or forced to reduce work hours due to COVID-19; or
  • who is unable to work because of a lack of child care due to COVID-19 and experiences adverse financial consequences as a result; or
  • who owns or operates a business that has closed or had operating hours reduced due to COVID-19, and who has experienced adverse financial consequences as a result; or
  • who has experienced adverse financial consequences due to other COVID-19-related factors to be specified in future IRS guidance.
Our Team
April 10, 2020

Recent News

  • Good News! COVID-19 IRA Withdrawal up to $100,000
  • April 10, 2020

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