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The pandemic threw many Americans and businesses for a loop, and many people struggled to stay on top of their bills and business expenses. The number of active business owners plummeted by three million from February to April 2020.
To provide people with additional financial options, the federal government approved the CARES Act, which included the CARES Act 401(k) withdrawal option. If you’ve heard about this withdrawal option and you want to learn more about it and how you can use it, continue reading below. This brief CARES Act guide will cover all you need to know about the 401(k) withdrawal option and who you can contact for more information.
Liz Collin talks financial professional Mike Kojonen to get a clearer picture (4:57).
WCCO 4 News At 10 – April 26, 2020 Video Rating: / 5
https://turbotax.intuit.com The CARES Act offered taxpayers some relief this year, such as changes to rules for retirement plans and student loans. TurboTax tax expert Lisa Greene-Lewis and TheStreet discuss what the CARES Act may mean for your taxes this year.
~~~Video Transcript~~~
– [The Street] Among the many things, The Cares Act offered to taxpayers, there was some real perks and abilities to use your retirement plan.
– Lisa, I have all this money in my IRA, I need money at home right now, The Cares Act allowed me to take a little bit out, didn’t it?
– Yes, The Cares Act allowed you to take a big sum of money out by December 31 2020, you could take up to 0,000 out. And if you’re 59 and a half or under, you would not receive the 10% penalty for doing that.
– Right because typically, if you pull money out before 59 and a half, you get you get smacked with not only taxes, but that 10% penalty. And now they also give you the ability to pay the tax back on this money over the course of a period of time. Right?
– [Lisa] Right, you can pay it back in the one lump sum, like normally, or you could pay it back over three years.
– Right so if you took the 100 grand, you can divide it over three payments and pay the tax back over three years, that also makes your tax bill maybe more, you know, easier to swallow. Right. They also said you don’t have to take a minimum required distribution for 2020. Is that correct?
– [Lisa] That is correct. Now, under The Cares Act, you did not have to take that distribution.
– And just to be clear, If I withdrew that 0,000 did I have to show proof that I was affected by Corona or the IRS gonna ask for some sort of identification regarding that?
– Yes, in order to take 100,000 out you did have you do have to be impacted by Coronavirus whether, you know you were sick or quarantined couldn’t go to work, you would have to provide some type of proof.
– Right that makes perfect sense. Okay. There were other relief available as part of The Cares Act and one of them in particular was to students and parents, maybe you could tell us a little bit about that.
– Yes, so if you were a parent or a student and you had a federal student loan, you were able to defer payments all the way through December 31st 2020, allowing you to defer the principal and interest on your student loan. One thing to think about, you know, when you go to do your taxes, you may see that your student loan interest is lower if you elected not to make your student loan payment, but you know, it was providing relief for you when you really needed it.
– Right, and that’s people should look at all that now, again before the end of the year and figure out I guess again, whether or not your student should file his or her own tax return as a result too because the the deduction will be smaller.
– [Lisa] Yes, so a lot of people are considering whether or not to let their college student file their own taxes, you know, if they worked a side job or were employed, because they may be eligible still for some of those education tax credits, and as well as a stimulus payment, possibly if they didn’t get one.
– So at least before I let you go, maybe just tell us about where people can go to on the site to figure all this out. I know TurboTax has a bunch of great calculators and things.
– Yes, to figure all this out, you could go to our Coronavirus Tax Center or we also have our Self-Employed Coronavirus Relief Center. And we also have an Unemployment hub, where there someone one stop shop for people that have been unemployed to help you figure out tax advice and tricks and things you could do by the end of the year to help you save on your taxes as well as all of the hubs have calculators to help you figure out how to save money.
– It’s good stuff and it’s stuff that people should start thinking about because we are encroaching the end of the year. There are some things you could still do before the I guess the ball is gonna fall on December 31st. I don’t know it’s 2020 anything could happen but God willing, it doesn’t we’ve flipped to 2021 but people should be thinking about this now so you’re not caught off guard in April of next year. Lisa Greene Lewis TurboTax expert. Thank you so much for being with us.
The CARES Act makes it easier to take money out of your 401(k) or IRA. Here is exactly what you need to know before you do. Enjoy! Add me on Instagram: beck.zack
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Prior to this illness, if you were under age 59½, taking a distribution from your 401(k) would trigger a 20% federal tax hit and a 10% early distribution penalty. That was, and will again be after 2020, a very steep price to pay for years of stocking away savings for your future.
An individual can now take a withdrawal of up to 0,000 from eligible retirement plans, including 401(k) plans and IRAs, without the 10% penalty applying.
The IRS recently released guidance broadening the number of people who can take illness-related distributions from 401(k) plans and IRAs.
These distributions are only available in 2020. Note that while the 10% penalty has been temporarily waived, the tax liability on the distribution has not. You will have up to three years to pay the tax liability on the amount of your distribution.
Now that the rules on distributions have changed temporarily, the question becomes should you do it, because you could do it? Accessing retirement accounts still should remain a last resort.
DISCLAIMERS & DISCLOSURES
This content is for education and entertainment purposes only. The Zack Beck Show does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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Guvna B delivers a special version of the fans favourite, Cast Your Cares. This new version features The Kingdom Choir, who won hearts across the world after they sung at the Royal Wedding.
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With the recent passing of the Consolidated Appropriations Act, the 401k CARES Act withdrawal program has been extended.
This extends the much-needed CARES Act program as it relates to 401k hardship withdrawals and 401k loans for another 6 months. CARES Act 2020 401k Withdrawal Updates – Effective March 27, 2020, you can take a 401k CARES Act withdrawal of up to the lesser of 0,000 or 100% of your vested 401(k) Plan account balance. You also have the ability to take a hardship withdrawal from the 401(k) plan that is exempt from the normal 10% early withdrawal penalty and repayable within three years.
**Original Video** – 401k CARES Act Withdrawal vs. Normal 401k Withdrawal | Should You Take A 401k Withdrawal? – https://youtu.be/sNU-mTOV6Mg
0:00 – Intro
2:02 – Ways to access the funds in your 401k
3:15 – Limits of 401k CARES Act hardship withdrawals and 401k CARES Act loans
4:20 – What can the funds of a 401k CARES Act withdrawal be used for
5:09 – Who is eligible to receive a 401k CARES Act withdrawal
7:13 – When is the deadline for the 401k CARES Act Program
7:44 – Differences between a 401k CARES Act withdrawal and 401k CARES Act loan
11:01 – Consequences of taking money out of your 401k
13:00 – Outro
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CARES Act and YOUR TAXES (Cares Act Explained) In this video we have highlighted the top 7 ways the CARES Act provisions can help you with your personal taxes.
You can find the downloadable word doc handout here: https://www.dropbox.com/s/8tn87j08p4veljm/Cares%20act%20highlights.docx?dl=0
⌚ Time Stamps so you can jump to any point in the video
►0:00 – 1:14 Intro
►1:36 #1Recovery Rebate (Stimulus) Is it taxable?
►2:24 #2 Business interest limitations
►3:40 #3 No claw back on stimulus
►4:35 #4 No tax on employer paid student loans woohooo!
►5:11 #5 Above the line deductions for charity.
►5:39 #6 Net operating losses – THIS IS HUGE for some
►8:25 #7 Corona Virus Relief distributions form 401(K)
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📼 Checkout some of our most popular INVESTING and TAX related videos
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Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans.
Question: What are the special rules for retirement plans and IRAs in section 2202 of the CARES Act?
In general, section 2202 of the CARES Act provides for expanded distribution options and favorable tax treatment for up to 0,000 of coronavirus-related distributions from eligible retirement plans (certain employer retirement plans, such as section 401(k) and 403(b) plans, and IRAs) to qualified individuals, as well as special rollover rules with respect to such distributions. It also increases the limit on the amount a qualified individual may borrow from an eligible retirement plan (not including an IRA) and permits a plan sponsor to provide qualified individuals up to an additional year to repay their plan loans. See the FAQs below for more details.
Question: Who is a qualified individual for purposes of section 2202 of the CARES Act?
You are a qualified individual if –
– You are diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and Prevention;
– Your spouse or dependent is diagnosed with SARS-CoV-2 or with COVID-19 by a test approved by the Centers for Disease Control and Prevention;
You experience adverse financial consequences as a result of being quarantined, being furloughed or laid off, or having work hours reduced due to SARS-CoV-2 or COVID-19;
– You experience adverse financial consequences as a result of being unable to work due to lack of child care due to SARS-CoV-2 or COVID-19; or
You experience adverse financial consequences as a result of closing or reducing hours of a business that you own or operate due to SARS-CoV-2 or COVID-19.
Question: What is a coronavirus-related distribution?
A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of 0,000 from all plans and IRAs.
Question: Do I have to pay the 10% additional tax on a coronavirus-related distribution from my retirement plan or IRA?
No, the 10% additional tax on early distributions does not apply to any coronavirus-related distribution.
Question: When do I have to pay taxes on coronavirus-related distributions?
The distributions generally are included in income ratably over a three-year period, starting with the year in which you receive your distribution. For example, if you receive a ,000 coronavirus-related distribution in 2020, you would report ,000 in income on your federal income tax return for each of 2020, 2021, and 2022. However, you have the option of including the entire distribution in your income for the year of the distribution.
Question: May I repay a coronavirus-related distribution?
In general, yes, you may repay all or part of the amount of a coronavirus-related distribution to an eligible retirement plan, provided that you complete the repayment within three years after the date that the distribution was received. If you repay a coronavirus-related distribution, the distribution will be treated as though it were repaid in a direct trustee-to-trustee transfer so that you do not owe federal income tax on the distribution.
If, for example, you receive a coronavirus-related distribution in 2020, you choose to include the distribution amount in income over a 3-year period (2020, 2021, and 2022), and you choose to repay the full amount to an eligible retirement plan in 2022, you may file amended federal income tax returns for 2020 and 2021 to claim a refund of the tax attributable to the amount of the distribution that you included in income for those years, and you will not be required to include any amount in income in 2022. See sections 4.D, 4.E, and 4.F of Notice 2005-92 for additional examples.
Question: How do qualified individuals report coronavirus-related distributions?
A coronavirus-related distribution should be reported on your individual federal income tax return for 2020. You must include the taxable portion of the distribution in income ratably over the 3-year period – 2020, 2021, and 2022 – unless you elect to include the entire amount in income in 2020. Whether or not you are required to file a federal income tax return, you would use Form 8915-E. https://www.irs.gov/pub/irs-dft/f8915e–dft.pdf
Please note that this video is for information purposes only and is not intended to provide or relied upon for tax, legal, or accounting advice. Please consult your own CPA, tax advisor, legal and accounting advisors.
2020 was a tough year financially. Since March 2020, nearly 33% of Americans withdrew savings from their 401K or IRA under the CARES Act, which allowed those affected by the pandemic to take out up to 0,000 without being hit with an early withdrawal penalty. What I want to do is share alternative ways that you can withdraw from your 401k or IRA penalty free, as well as the strategies you should employ right now, to make sure that you have a secure financial future. CARES Act 401K Withdrawal Update | Other Ways To Access Your Funds. Enjoy! Add me on Instagram: beck.zack
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401ks, IRAs are common ways to save for retirement, and millions of Americans pour money into them every year.
Sometimes, however, unplanned circumstances force people to withdraw funds from their IRA or 401k early. If you need to pull out money early, keep in mind these important rules around early withdrawals.
Generally, if you take a distribution from an IRA or 401k before age 59 ½, you will likely owe both federal income tax (taxed at your marginal tax rate) and a 10% penalty on the amount that you withdraw, in addition to any relevant state income tax. That tends to add up. Given these consequences, withdrawing from a 401k or IRA early is usually not ideal.
Early withdrawals from an IRA or 401k account can be an expensive proposition because of the hefty penalties they carry under many circumstances.
The IRS allows penalty-free withdrawals from retirement accounts after age 59 ½ and requires withdrawals after age 72 (these are called Required Minimum Distributions, or RMDs). There are some exceptions to these rules for 401ks and other qualified plans.
There are several circumstances under which the IRS grants exceptions to the 10% penalty rule. These exceptions may make it possible for you to tap your retirement savings in a time of need without having to pay the IRS the extra penalty for the privilege. They require some planning and care to implement, so it’s best to be aware of them before the need actually arises.
You are allowed to take an IRA distribution for qualified higher education expenses, such as tuition, books, fees and supplies. This distribution is still subject to income tax, but there won’t be an additional penalty.
You can take up to ,000 out of your IRA penalty-free for a first-time home purchase. If you are married, your spouse can do the same. Also, “first-time home” is defined pretty loosely. For the purposes of the IRS, it is your first-time home if you have not had ownership interest in a home for the past two years.
If you incur unreimbursed medical expenses that are greater than 10% of your adjusted gross income in that year, you are able to pay for them out of an IRA without incurring a penalty. For a 401k withdrawal, if your unreimbursed medical expenses exceed 7.5% of your adjusted gross income for the year then the penalty will likely be waived.
If none of the above exceptions fit your individual circumstances, you can begin taking distributions from your IRA or 401k without penalty at any age before 59 ½ by taking a 72t early distribution. It is named for the tax code which describes it and allows you to take a series of specified payments every year. The amount of these payments is based on a calculation involving your current age and the size of your retirement account. Visit the IRS’ website for more details.
The catch is that once you start, you have to continue taking the periodic payments for five years, or until you reach age 59 ½, whichever is longer. Also, you will not be allowed to take more or less than the calculated distribution, even if you no longer need the money. So be careful with this one!
DISCLAIMERS & DISCLOSURES
This content is for education and entertainment purposes only. The Zack Beck Show does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. The Zack Beck Show is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Thank you for your support. Video Rating: / 5
