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Originally Posted by
Jack Lambert
Don't know if you all care but I got word today that the Government is going to let you withdraw up to 100K out of Annuities and other retirement plans with no IRS penalty and you will be able to spread the taxes you will owe over three years. Don't know all the details but some of you might benefit from it.
If I remember right, I think they’re going to have to pay that money back at a later date, which will just put them in another bind at that time. Just no easy way out of this I guess.
There's someone in my head but its not me.
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Originally Posted by
Joebob
If I remember right, I think they’re going to have to pay that money back at a later date, which will just put them in another bind at that time. Just no easy way out of this I guess.
They would only need to pay the tax's and they can spread that out over three years. It is not a loan it is a withdraw. Now would be a good time to convert your traditional IRA to a Roth. Pension plans do not allow withdrawal, only loans but there are so few pension plans. Profit sharing plans do allow both loans and withdrawal. This 401k"s Esop and several others. Now Annuities, IRA, Roth Simple and Sepp only allow withdrawal. Withdrawal do not have to be paid back only loans. My understanding is the waiver of penalties and the spreading of taxes over three years only applies to withdrawals.
Last edited by Jack Lambert; 03-31-2020 at 10:53 PM.
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