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To: catnipman
$100,000 of 2020 pension/IRA payments to be "covid disaster payments" such that taxes of that amount are spread out over 2020,2021 & 2022

My understanding was that you could borrow from your IRA without paying the tax penalty that is normally in place. I did precisely that! Any addtional intel will be appreciated!

6 posted on 04/08/2021 3:26:42 PM PDT by gr8eman (Elder Non-Binary Sibling is Watching You!)
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To: gr8eman

all i can tell you is that the deferred taxes on amounts declared in 8015-E as qualified covid disaster distributions do NOT have to be paid back, whereas a loan does have to be paid back ... interestingly, the deferred covid disaster distributions CAN be optionally paid back if desired ...


16 posted on 04/08/2021 4:00:41 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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