How it helps
The CARES Act allows individuals under 59 ½ years of age to withdraw up to $100,000 from retirement plans such as 401(k)s or IRAs without incurring the 10% early withdrawal penalty tax. You may also pay tax on income from the distribution over three years. This option should be carefully evaluated and discussed with your plan provider.
How to get it
Contact your retirement plan provider to discuss early withdrawals and set up repayment terms. Anyone can apply if they have a 401(k) or IRA and are suffering health or financial impacts from COVID-19.
Additional resources
IRA and Retirement Plan Changes in the CARES Act
