Have you taken a financial hit due to the events of COVID-19, and are you considering making a withdrawal from your 401(k)? The Internal Revenue Service (IRS) is stating that if you have been affected by COVID-19, you may be able to withdraw up to $100,000 from your eligible retirement plan during 2020 and not be subjected to the 10% additional tax that usually applies to distributions made if you are under the age of 59 and a half. However, regular tax will still apply.
Please click here to learn more about these withdrawals and to read more detailed information that may benefit you.
Source: Internal Revenue Service
