Just caught this my eye. Is it true??? Anyone planning to use? I'd definitely take advantage of them. May be it is really now a time to consult tax pro? https://www.marketwatch.com/story/c...ro-tax-liability-2020-03-27?mod=their-stories
Seems like it is a CARES act, source appears to be here: https://www.congress.gov/bill/116th-congress/senate-bill/3548/text Appears to be under: SEC. 2103. SPECIAL RULES FOR USE OF RETIREMENT FUNDS.
Taxes aren't really the issue. No taxes/penalty for CVD, no premature distribution penalty.... so long as the loan is repaid within 3 years. Unless you need the money for living expenses, probably shouldn't take a loan. (Thinking you might borrow the money and invest it for 3 years?)
there seems lot of ambiguity especially in terms of who is qualified, in general it apears: - u have to be diagnosed with covid-19 - some of ur dependents who gets more than half of support from you - corona related layoff job loss etc Obviously it is going to need some fineturning. It appears if you cant pay it back, at the least it is considered taxable income wihtout 10% penalty. But i would double check, I aint no tax pro.