PERSONAL TAX SAVING BLOG
On March 27, 2020, President Donald Trump sitimmobley.blogspot.com/ gned into law the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. Amidst the global COVID-19 pandemic, this act is designed to bring economic relief to individuals and businesses who’ve been affected by the resulting economic downturn. Section 2202 of the act, titled “Special Rules For Use of Retirement Funds,” now allows those affected by COVID-19 to withdraw up to $100,000 penalty-free from their 401(k) or IRA. 1 What does it mean to be "impacted by COVID-19?"