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jeffreydawkins
New Member

I took cash from IRA during pandemic to pay mortgage. is this reported correctly?

 
1 Reply
JoannaB2
Expert Alumni

I took cash from IRA during pandemic to pay mortgage. is this reported correctly?

It depends. You may repay all or part of the corona virus-related distribution to an eligible retirement plan over a 3 year (2020, 2021, & 2022) period after the date distribution was received.  You must qualify for IRS special tax rules under Cares Act: 

  • You are diagnosed with the SARS-Cov2. 
  • You are a spouse or a dependent of a person diagnosed with the virus. 
  • You experienced financial hardship related to the virus. 
  • Test must be done with an approved Center for Disease Control and Prevention. 

See, corona-virus related relief for retirement plans and IRA, link.

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