Another way How the Coronavirus Aid, Relief and Economic Security Act or CARES Act, affects YOU.
With so many individuals effected by the effects of the Corona Virus, the CARES Act is offering another way to help those with eligible retirement plans. Section 2022 of the Act gives a favorable tax benefit for up to $100,000 of Corona Virus related Distributions.
Qualified distributions will receive a favorable tax treatment as follows:
For more information, we advise you to reach out to your tax professional or irs.gov.
Kathie Meller, CPA