SECURE ACT: Withdraw $5k from IRA penalty free

Ronald-So · ‎March 27, 2020

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

AmeliesUncle · ‎March 28, 2020

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?

View solution in original post

macuser_22 · ‎March 27, 2020

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

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

AmeliesUncle · ‎March 28, 2020

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?

Ronald-So · ‎March 30, 2020

See this thread as well: https://ttlc.intuit.com/community/retirement/discussion/the-secure-act-says-new-parents-can-withdraw...

Thanks.

macuser_22 · ‎March 30, 2020

@Ronald-So wrote:

See this thread as well: https://ttlc.intuit.com/community/retirement/discussion/the-secure-act-says-new-parents-can-withdraw...

Thanks.

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

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Expert does your taxes

Do it yourself

Resources

Support

SECURE ACT: Withdraw $5k from IRA penalty free