Unless Congress passes a new coronavirus support package that changes the law, a CARES act qualified withdrawal must be completed by December 30. You probably need to start the withdrawal several days ahead because it may take your plan a few days to process the request. If you make the request on time but the withdrawal is not completed until January, then it won’t be eligible unless the law changes.
are you really sure this is wise? Most people recover from Covid in about two weeks, and your caregiver would be able to go back to work probably by the first week of January. And you may already be planning to take time off around Christmas, so you may not need that much care. Conservatively invested, $10,000 can quadruple into $40,000 over 30 years so if you are age 35 or so, and you withdrew $10,000 now, you would be depriving yourself of more than $40,000 in retirement. You may have other reasons to want to reduce your hours and stay home with your child, but have you really considered the long-term implications of your possible response to a short term emergency.
