☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Mar 27, 2020 7:46:29 PM

SECURE ACT: Withdraw $5k from IRA penalty free

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

0 4 665
1 Best answer
Level 15
Mar 28, 2020 2:41:34 PM

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?

4 Replies
Level 15
Mar 27, 2020 8:03:11 PM

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

Level 15
Mar 28, 2020 2:41:34 PM

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?

Level 2
Mar 30, 2020 7:50:05 AM

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.

Level 15
Mar 30, 2020 8:16:14 AM

@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.