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Level 1

Question

My daughter list her job due to Vovid 19 and she lives with me. Do I qualify for Covid 19 ira disbursements?

Forum|Forum|5 years ago
August 16, 2020
1 reply
6 views

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TurboTax Live Deluxe Online

Level 15

You would qualify for a Coronavirus-Related Distribution if you suffered adverse financial consequences as a result of a member of your household being laid off due to COVID-19. See the definition of a qualified individual in Section 1.B of IRS Notice 2020-50: https://www.irs.gov/pub/irs-drop/n-20-50.pdf

You would not qualify if your daughter being laid off did not cause you any financial difficulties.

Level 15

If your daughter lived with you prior to the covid situation AND her income loss hurts your family situation because it paid the bills AND you have to take a pension distribution due to this fact THEN you did suffer and can qualify for the exemption. Read the rules.