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CARES-ACT


PS

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Although the initial provision for penalty-free 401k withdrawals expired at the end of 2020, the Consolidated Appropriations Act, 2021 provided a similar withdrawal exemption, allowing eligible individuals to take a qualified disaster distribution of up to $100,000 without being subject to the 10% penalty that would normally apply. This extended the timeline for penalty-free distributions through June 25, 2021.

4 out of 3 people struggle with math

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17 hours ago, PS said:

Since we have crossed the extended period I believe participants will not be permitted to take the CARES Distribution? 

CARES wasn't extended, the last day for a CRD was December 30, 2020.  The qualified disaster distributions in CAA21 did not include any area where a major disaster had been declared only by reason of Covid-19.  You needed something like a hurricane, wildfire, tornado, etc.  If you were trying to get a distribution just because of Covid, you were out of luck after December 30, 2020.

 

 

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