@juan27026 wrote:
I was diagnosed with Covid 19 in July so I do qualify then. I just want to withdraw my 401k and they offered this option. Just wanted to make sure it did not affect me. What are the differences with the two forms? What does it have to do with State taxes? And does it just extend the time I have to pay taxes for this for upto three years?
I don't know what two forms you are referring to - most likely an local form your employer supplies - ask them (there is no special IRS form to take a COCID-19 related distribution).
I don't know about state tax - there are 50 states, all different.
See this IRS FAQ for your questions. (Q6 for the 3 year period).
https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-...
**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.**
