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Retirement tax questions
@MinhT1 wrote:
You will request your withdrawal normally, and it will be penalty-free (if you are aged less than 59 1/2) when you file your 2020 tax return.
You don't quite take a normal distribution. You must tell the plan administrator that it is a qualified Corona virus related distribution for the plan administrator to code the 1099-R to show that there is no early distribution penalty. A normal distribution will impose a 10% penalty if under age 59 1/2.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
May 8, 2020
10:45 AM