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Attorney Barry R. Crimmins is someone that you can depend on personally.
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Ability to Withdraw Money Early from Retirement Plan Without Penalty Expires at the End of the Year

December 16, 2020 By Barry Crimmins

If you are experiencing financial hardship due to the coronavirus pandemic, you may want to consider withdrawing money from your retirement account while you still can. The special exemption allowing early withdrawals without a penalty ends soon. 

Passed in March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act allows individuals adversely affected by the pandemic to make hardship withdrawals of up to $100,000 from retirement plans this year without paying the 10 percent penalty that individuals under age 59 ½ are usually required to pay. This exemption is only for withdrawals made by December 30, 2020.

If you decide to withdraw money from your retirement account, you will still have to pay income taxes on the withdrawals, although the tax burden can be spread out over three years. If you repay some or all of the funds within three years, you can file amended tax returns to get back the taxes that you paid. 

To qualify for the exemption, you must meet one of the following criteria:

  • You or a spouse or dependent have been diagnosed with COVID-19
  • You or your spouse have suffered financial hardship due to the pandemic, such as a lost job, a job offer rescinded, reduced pay, business closed, or inability to work due to lack of childcare. 

This step should not be taken lightly. Withdrawing money now means your retirement funds will be reduced and limits the retirement plan’s ability to grow. But for some people, it may be the best option to pay bills and avoid running up high-interest credit card debt. 

For information from the Consumer Financial Protection Bureau on how the withdrawal exemption works, click here. 

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Elder Law News, January 2021

We are in a year where the theme is really all about taking whatever small wins we can, when we can.

Elder Law News, November 2020

We are in a year where the theme is really all about taking whatever small wins we can, when we can.

Elder Law News, October 2020

“Get out to the polls and vote!” That’s the theme every election year, but as we all know this year is more than a bit different…

Elder Law News, September 2020

As the country begins recovery from the COVID-19 crisis, caretakers of the elderly must stay abreast of issues that could potentially impact their loved ones.

Elder Law News, August 2020

As the country begins recovery from the COVID-19 crisis, caretakers of the elderly must stay abreast of issues that could potentially impact their loved ones.

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