2020 IRA Withdraws Changes
by Kevin Myeroff on Aug 3, 2020
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Until the end of 2020, you can withdraw money out of your IRA if you are under 59.5 years old without the normal 10% penalty as long as you meet the qualifications under the cares act. Kevin explains how it works and questions you need to ask before you pull out the money.
• How do you qualify?
• Is there a way to avoid taxes?
• Let’s talk about the three questions you should ask yourself before you withdraw
funds from IRA.
• Am I aware I will pay the funds back with after-tax money?
• What is your retirement plan? (Replenishing money that took multiple jobs and years to
accumulate may mean working longer than you intended.)
• Are you prepared to track this money for three years and potentially incur IRS debt?
• Bottom line, should people take advantage of this?
Aired 7/27/2020 WTAM AM 1100