Welcome video introducing Who Cares? Scotland.
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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
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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.

TurboTax Coronavirus Tax Center: https://turbotax.intuit.com/coronavirus/
TurboTax COVID-19 Unemployment Benefits Center: https://blog.turbotax.intuit.com/unemployment-benefits/
TurboTax Self-Employed Coronavirus Relief Center: https://blog.turbotax.intuit.com/self-employed-coronavirus-relief-center/

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~~~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.

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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.

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.
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Who cares? Scotland: Introduction
Follow the link to find out more:
https://www.whocaresscotland.org
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Purchase “Stop Bleeding Cash” –
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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.

Song Written by Guvna B, Matt Redman, Nick Herbert
Video directed by Kristele Joyeux, Kevin Hudson
Produced by JimmyJames
Mastered by Naweed Ahmed

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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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