25% Excise tax waived right?

[austin3515]

For Qualifiying Indviduals under CARES, the 25% excise tax does not apply correct.  CARES says 72(t) does not apply and the 25% penalty tax is in 72(t).

[Peter Gulia]

That's how I read it.  CARES 2202(a)(1) states:  "Section 72(t) . . . shall not apply to any coronavirus-related distribution."  Subsection (t) includes its paragraph (6), the 25% tax on a too-soon distribution from a SIMPLE.

 

[Appleby]

Agree. The 25% is an increase of the 10%. Therefore, if the 10% does not apply, neither can the 25%