Can a husband and wife who each have their own 401ks withdraw 100k each (200k total) early without the 10 percent penalty under the Cares Act (Covid 19) if they qualify?

[Texas Roger]

I see no restrictions for each spouse to take a withdrawal from their own accounts as long as each of them meets the qualifications to be able to withdraw without the penalty.  See the IRS news release:

https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-...

[VolvoGirl]

But you will still owe the tax on it.  And it might push you into a higher tax bracket.  Be careful.

[Texas Roger]

You can report the distribution spread over 3 years to lessen the tax impact but it would still be a big hit on each tax return.