Qualified Individuals Under Age 59 ½ Who May Take Distributions from Qualified Retirement Plans without Penalty in 2020 are defined as:
- The individual is diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (collectively, COVID-19) by a test approved by the Centers for Disease Control and Prevention (including a test authorized under the Federal Food, Drug, and Cosmetics Act);
- The individual’s spouse or dependent is diagnosed with COVID-19 by such a test; or
- The individual experiences adverse financial consequences as a result of:
• The individual being quarantined, being furloughed or laid off, having work hours reduced, being unable to work due to lack of childcare, having a reduction in pay (or self-employment income), or having a job offer rescinded or start date for a job delayed, due to COVID-19;
• The individual’s spouse or a member of the individual’s household (that is, someone who shares the individual’s principal residence) being quarantined, being furloughed or laid off, having work hours reduced, being unable to work due to lack of childcare, having a reduction in pay (or self-employment income), or having a job offer rescinded or start date for a job delayed, due to COVID-19; or
- Closing or reducing hours of a business owned or operated by the individual, the individual’s spouse, or a member of the individual’s household, due to COVID-19.
Visit https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers for more information.
Is Your CPA Looking Out for You?
We Are.
Contact Us
Tel: 508-871-7178
Fax: 508-871-7179
Mailing Address
Smith, Sullivan & Brown, P.C.
80 Flanders Road, Suite 302
Westborough, MA 01581
Professional Memberships:
Member of American Institute of Certified Public Accountants
Massachusetts Society of Certified Public Accountants
Corridor 9/495 Regional Chamber of Commerce
Metrowest Chamber of Commerce
Stay on top of the latest tax laws, requirements and updates.
