topic Re: 301k Withdrawals in Self employed

301k Withdrawals

Detour — Wed, 27 Oct 2021 16:46:02 GMT

Last year my business tanked due to covid. My husband and I had to make a withdrawal out of his 401k to survive. In 2020 tax year it was not announced until March that the 10% penalty would be waived for 401k withdrawals. What are the chances that same thing will happen for 2021?

Re: 301k Withdrawals

Michele_H — Wed, 27 Oct 2021 17:23:54 GMT

Hi @Detour here is an article related to the Covid act for 2021. At this time we do not have guidance on your question related to the 10% penalty waiver.

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