The $2 trillion stimulus plan signed into law on March 28 due to the COVID-19 pandemic, includes a temporary waiver of required minimum distribution (RMD) rules for certain defined contribution plans and IRAs during 2020.
There are also special rules for use of retirement funds that waives the 10% early withdrawal penalty for distributions up to $100,000 from qualified retirement accounts for coronavirus-related purposes made this year.
Register now for our 30-minute webinar on Thursday, April 16, at 2:00 EDT. Hear from two expert sources about the tax implications of these withdrawals and other retirement issues in the CARES Act during our free ThinkAdvisor webcast:
- ROBERT BLOINK, Esq., LL.M., has taught at Texas A&M University School of Law and Thomas Jefferson School of Law; and
- WILLIAM BYRNES, Esq., LL.M., CWM, is an executive professor and associate dean of special projects at the Texas A&M University School of Law.