09/29/2020
Don't forget 2020 Coronavirus Distributions of up to $100K from retirement plans if you've been impacted and need funds; especially if you've lost income .....no tax penalty and you can repay over three years or spread income over three years.
PER IRS.GOV
Definition of qualified individual
Pursuant to section 2202(a)(4)(A)(ii) of the CARES Act, a qualified
individual for purposes of this notice is an individual:
• who is diagnosed with the virus SARS-CoV-2 or with coronavirus
disease 2019 (referred to collectively in this notice as COVID-19)
by a test approved by the Centers for Disease Control and
Prevention (including a test authorized under the Federal Food,
Drug, and Cosmetic Act);
• whose spouse or dependent (as defined in section 152 of the
5 Code) is diagnosed with COVID-19 by a test approved by the
Centers for Disease Control and Prevention (including a test
authorized under the Federal Food, Drug, and Cosmetic Act; or
• who experiences adverse financial consequences as a result of:
o the individual being quarantined, being furloughed or laid off,
or having work hours reduced due to COVID-19;
o the individual being unable to work due to lack of childcare
due to COVID-19; or
o closing or reducing hours of a business owned or operated
by the individual due to COVID-19.
In addition, pursuant to the authority of the Secretary to issue guidance to
provide for other factors under section 2202(a)(4)(A)(ii)(III) of the CARES Act, a
qualified individual for purposes of this notice is an individual who experiences
adverse financial consequences as a result of:
• the individual having a reduction in pay (or self-employment
income) due to COVID-19 or having a job offer rescinded or start
date for a job delayed due to COVID-19;
• the individual’s spouse or a member of the individual’s household
(as defined below) being quarantined, being furloughed or laid off,
or having work hours reduced due to COVID-19, being unable to
work due to lack of childcare due to COVID-19, having a reduction
in pay (or self-employment income) due to COVID-19, or having a
job offer rescinded or start date for a job delayed due to COVID-19;
or
• closing or reducing hours of a business owned or operated by the
individual’s spouse or a member of the individual’s household due
to COVID-19.
For purposes of applying these additional factors, a member of the individual’s household is someone who shares the individual’s principal residence.
