Early Withdrawals From Retirement Accounts

The Act waives the 10% tax on early withdrawals, up to $100K from a retirement plan (such as a 401k) or Individual Retirement Account (IRA), if the withdrawal was made after January 1, 2020.  Also, the person making the withdrawal must have been diagnosed with COVID-19, have a spouse or dependent diagnosed with COVID-19, or experience adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, or closing a business due to COVID-19.  

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