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IRS Expands Eligibility To Take Up To A $100,000 Coronavirus-Related Withdrawal From IRA, 401(k)
CNBC ^ | June 19, 2020 | Darla Mercado

Posted on 06/19/2020 4:13:50 PM PDT by Kenny Bania

More people will be eligible to take a $100,000 coronavirus-related distribution from their retirement account.

The IRS released guidance on Friday which details new rules for individuals affected by Covid-19 to take a withdrawal from a 401(k) plan or an individual retirement account.

The CARES Act allows savers to take coronavirus-related distributions – emergency withdrawals – of up to $100,000 from their retirement plans and IRAs. And those who are under age 59½ can access the money without the usual 10% early withdrawal penalty.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: 401k; chinavirus; distribution; ira; withdraw; withdrawal
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To: Starboard

A person would be best advised to chat with a reputable advisor before making any decisions. But be very careful who you consult with.

Totally agree.

21 posted on 06/19/2020 4:40:12 PM PDT by Kenny Bania (Ovaltine? Why not call it Roundtine?)
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To: Kenny Bania
Thank you Massa. Us slaves appreciate your generosity. You are so kind to your slaves.
22 posted on 06/19/2020 4:40:42 PM PDT by sport
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To: Starboard

I would pay my mortage off in an instant if I could withdraw money without getting taxed on it.....win win for us....


23 posted on 06/19/2020 4:42:29 PM PDT by cherry
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To: Kenny Bania

I had to raid a couple retirement accounts during the time of the wun.

Hardly any jobs at the time.

Never again.


24 posted on 06/19/2020 4:42:31 PM PDT by wally_bert (Transmission tone, Selma.)
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To: Flash Bazbeaux

Zero, zilch, nada.


25 posted on 06/19/2020 4:45:06 PM PDT by moovova
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To: Starboard

Getting your retirement funds redirected into real estate will still earn you money longterm.


26 posted on 06/19/2020 4:45:23 PM PDT by magna carta (TX all you have to do is send an email to principal with a witness included on the communication.)
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To: Uncle Miltie

There should be no penalties period. It is not as if social security will be solvent by the time you are eligible to collect!


27 posted on 06/19/2020 4:49:28 PM PDT by Boardwalk
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To: Kenny Bania

I’m not worried about ME taking 100 grand out of my account. I’m worried about the scammer who says he’s me taking it out.


28 posted on 06/19/2020 4:52:03 PM PDT by VanShuyten ("...that all the donkeys were dead. I know nothing as to the fate of the less valuable animals.")
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To: VanShuyten

DON’T RAID IT? 5 menial jobs before going to it? If I take out $50k/yr it will last 25 years until age 91. Someone thinks I’ll live that long. I hope not. Live your life. I say no tax on a hundred k. Watch everyone splurge. There’s plenty of wine, women and song out there.


29 posted on 06/19/2020 5:06:26 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: Kenny Bania

You sure they are not saying get it now before the Dems get in power?


30 posted on 06/19/2020 5:18:05 PM PDT by philetus (Keep doing what you always do and you'll eventually get what you deserve)
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To: Kenny Bania

-Selling low; you’d be missing out on future growth
-Still taxed as income and may put you in a higher bracket
-Stupid move; take out a loan.


31 posted on 06/19/2020 5:21:20 PM PDT by Chauncey Gardiner
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To: TexasGator

I already read past the part of the article which SHOULD have addressed my question. It started reading like a tale told by an idiot, so I stopped.


32 posted on 06/19/2020 5:48:50 PM PDT by Flash Bazbeaux
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To: Kenny Bania
You have 3 years to pay the taxes. It’s an amazing deal. Take the $100k, buy Apple stock and enjoy the ride to $600/share.

I did it and am extremely happy with my return to far.

33 posted on 06/19/2020 7:09:49 PM PDT by Partisan Hack
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To: Flash Bazbeaux

Darla apologizes.


34 posted on 06/19/2020 8:11:14 PM PDT by TexasGator (Z1z)
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To: TexasGator

ALL grocery stores are hiring!!


35 posted on 06/19/2020 8:15:47 PM PDT by Trump Girl Kit Cat (Yosemite Sam raising hell)
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To: magna carta

Real estate could be a good investment BUT not as a rental right now with governors making everything rent free screwing the landlords!!


36 posted on 06/19/2020 8:17:10 PM PDT by Trump Girl Kit Cat (Yosemite Sam raising hell)
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To: magna carta

You have to be really careful putting your money into real estate right now. Owners haven’t felt the real pinch yet and they’re still keeping their asking price high.

I know a few landlords who are shocked right now because they haven’t been able to rent their apartments since March. They are people who have good properties in highly desirable neighborhoods. They’ve never had trouble in more than ten years renting their places but can’t rent them now.

If you’re looking to buy rental property, think about who you might rent to. There are some companies who are having 90% of their employees work from home. There are schools that won’t open. The students, the faculty, the post-docs - they’re not going to be renting.

Some very experienced landlords are having a hard time right now. If this continues there might be some bargains out there.


37 posted on 06/19/2020 8:27:51 PM PDT by ladyjane
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To: ladyjane

I agree in our case we inherited a very old historic home in Tyler as you can imagine it needs resources for siding plumbing work even with my hubby doing much labor on it... we have been at it for over 3 years. This house could rent if we get it r day however the real goal is retirement home. So we can rent or not rent...nonetheless less our long term goal is to finish it up. In Houston we have a rental that has not missed a beat the entire time a perfect tenant.
So paying off the bank with a few thousand is better to us than playing Wall St. we believe Tyler will grow and grow as Texas watches the big cities go blue and too big.


38 posted on 06/21/2020 1:29:53 PM PDT by magna carta (TX all you have to do is send an email to principal with a witness included on the communication.)
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