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New Member
posted Feb 2, 2021 7:33:43 PM

On March 20, 2020 I withdrew from my retirement account, can this qualify for COVID exception? I did have unpaid office closure as a result of COVID.

Originally the withdrawal was for purchase of a home, (I'm a first time home buyer), but that purchase did not go through within the first 120 days, and was used for another home later in the year, which still hasn't closed. Is it possible to claim this as a COVID exception since there were office closures forcing me to take days unpaid?

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1 Replies
Expert Alumni
Feb 2, 2021 7:48:16 PM

Yes, but the forms are not ready yet to apply covid relief to the distribution.  Keep checking back until Form 8915-E has been finalized by the IRS.  

 

If you need to take money out of your retirement account early due to COVID-19, don’t worry! Those who qualify as individuals directly impacted by the pandemic will be able to withdraw up to $100k from their retirement accounts without facing the 10% early withdrawal penalty.

You qualify if:

  • You, your spouse, or your dependent are diagnosed with COVID-19
  • You experience adverse financial consequences as a result of being quarantined, furloughed, or laid off
  • You had work hours reduced to COVID-19
  • You’re unable to work due to child care closure or hour reduction

The distribution would be taxed over 2020, 2021, and 2022. You’ll have that time to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions, and if you pay back the amount within that time, you’ll be able to claim a refund on those taxes.