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Retirement tax questions
For qualified coronavirus-related distributions, the CARES Act also waives the 20% mandatory withholding normally required on distributions from qualified retirement plans like a 401(k) that are otherwise subject to 20% mandatory withholding. Of course if you decline the withholding, you'll have a larger balance due when you file your 2020 tax return which might result in tax underpayment penalties.
‎April 15, 2020
7:48 AM