Question about CARES withdrawal vs. age
Can’t find the answer readily elsewhere… If a person takes out the $100K, and he’s 58, then will he be fully exempt from having to pay it back (wholly or in part)?
Can’t find the answer readily elsewhere… If a person takes out the $100K, and he’s 58, then will he be fully exempt from having to pay it back (wholly or in part)?
Permalink Submitted by Alan - IRA critic on Tue, 2020-03-31 19:05
A CV related distribution does not have to be rolled back, and it can be kept by the taxpayer with no 10% penalty. In addition, the distribution can be reported equally over 3 years. But if the taxpayer decides to roll it back anytime from 2020-2022, no tax will be due, but an amended return might be due.