The IRS recently clarified certain CARES Act provisions regarding withdrawals and loans from qualified retirement accounts.
The main change is that qualified accounts such as 401(k)s, IRAs, 403(b)s, etc. can be rolled-over up to $100K penalty and income tax free, for individuals that are under age 59 1/2 - if done within the 2020 tax year. However, there is a specific process that needs to be followed for it be considered a qualified rollover.
This is why IAMS, Inc. has prepared a CARES Act and Retirement Account guide, detailing the ins and outs of this process, as well as other related changes to retirement accounts due to the CARES Act. Help your clients and prospects get more from their retirement.
Enter your information to request a free copy of our CARES Act and Retirement Account guide.