When the CARES Act passed last spring we wrote about the provisions, which allowed IRA & 401(K) holders to access their accounts while avoiding tax consequences. We also noted that the devil is often found in the details. Nevertheless, in late June, the IRS issued Notices 2020-50 and 2020-51. You should review these publications
CARES Act
A Caution About Funding Current Expenses with IRAs/401(k)s
By Mark Ashton on
Posted in CARES Act, Retirement
On March 27, 2020, we wrote about provisions in the 2020 CARES Act, which expanded 401(k) loan eligibility and permitted funds to be drawn from IRAs without tax consequence, so long as the withdrawal was repaid by 2023. As we wrote this, there seemed to be some “too good to be true elements” to the…