topic SECURE ACT: Withdraw $5k from IRA penalty free in Deductions & credits

SECURE ACT: Withdraw $5k from IRA penalty free

Ronald-So — Sat, 28 Mar 2020 02:46:29 GMT

The Secure Act allows us to withdraw up to $5k penalty free. Is this made into the 2019 TurboxTax software? Where will I enter such information?

Thanks,

Ronald

Re: SECURE ACT: Withdraw $5k from IRA penalty free

macuser_22 — Sat, 28 Mar 2020 03:03:11 GMT

I know of no such provision. Where did you see that?

Re: SECURE ACT: Withdraw $5k from IRA penalty free

AmeliesUncle — Sat, 28 Mar 2020 21:41:34 GMT

Are you taking about the CARES act that just passed yesterday? That would apply to 2020.

Or are you in any special circumstances, such as living in a disaster area or something like that?

Re: SECURE ACT: Withdraw $5k from IRA penalty free

Ronald-So — Mon, 30 Mar 2020 14:50:05 GMT

See this thread as well: https://ttlc.intuit.com/community/retirement/discussion/the-secure-act-says-new-parents-can-withdraw-up-to-5k-from-a-retirement-account-to-pay-for-adoption/00/1134215#M86982

Thanks.

Re: SECURE ACT: Withdraw $5k from IRA penalty free

macuser_22 — Mon, 30 Mar 2020 15:16:14 GMT

@Ronald-So wrote:

See this thread as well: https://ttlc.intuit.com/community/retirement/discussion/the-secure-act-says-new-parents-can-withdraw-up-to-5k-from-a-retirement-account-to-pay-for-adoption/00/1134215#M86982

Thanks.

If the adoption expense is what was referred to then that is effective in 2020, not 2019.