COVID-19 Rules for Hardship Distributions and Loans

Posted By Jordon Rosen, CPA, MST, AEP

In light of the COVID-19 pandemic, Congress passed the CARES Act which provides qualified individuals the ability to take hardship distributions from their IRA or employer plan during 2020 and either report the income over a 3-year period or repay the distributions within 3 years and avoid paying any tax. The Act also provides employees to borrow up to $100,000 from their employer’s plan with favorable repayment terms. View our video below to find out what you need to know now.  (Video Length: 10.28 minutes)

 

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