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October 27, 2021
Question

301k Withdrawals

  • October 27, 2021
  • 1 reply
  • 0 views

Last year my business tanked due to covid.  My husband and I had to make a withdrawal out of his 401k to survive.  In 2020 tax year it was not announced until March that the 10% penalty would be waived for 401k withdrawals.  What are the chances that same thing will  happen for 2021?

    1 reply

    Michele_H
    October 27, 2021

    Hi @Detour here is an article related to the Covid act for 2021.  At this time we do not have guidance on your question related to the 10% penalty waiver.

     

    https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers

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