How does the CARES Act impact coronavirus related distributions (CRDs)?
In March 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to support individuals and businesses impacted by coronavirus. It provides financial help through targeted tax relief, early access to retirement savings, as well as loan and grant programs for small businesses.
As part of the CARES Act, individuals affected by coronavirus can take distributions in 2020 of up to $100,000 from their IRAs without the 10% early withdrawal penalty. We encourage you to consult your tax advisor to see if you qualify. You may also visit the IRS website for more information and to see if you qualify.