A provision in the Senate's coronavirus relief bill will allow affected savers to pull up to $100,000 from their retirement plans, free of the 10% early withdrawal penalty. Here are 3 things you should know.
The Senate is battling over a coronavirus relief bill, including a measure that permits affected savers to take a hardship withdrawal of up to $100,000 from their 401 retirement plan.
You’d still be on the hook for any income taxes on the amount. However, the measure would give you three years to pay those taxes and replace the money you took out. of COVID-19 stimulus measures, one of which allows savers to take emergency withdrawals – known as hardship distributions – of up to $100,000 from their retirement plans.
The proposed legislation also would issue families rebate checks of $1,200 per individual and $500 per child, as well as suspend payroll taxes for employers.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Hospitals press for $100 billion in Congressional stimulus packageSome hospitals are running low on cash after canceling many elective procedures to devote more resources to the coronavirus outbreak.
Leer más »
Netflix Sets Up $100 Million Emergency Fund for Creatives Hurt by CoronavirusThe streaming service announced a relief plan for film and television production workers on Netflix projects and beyond in a letter posted by CEO Ted Sarandos.
Leer más »
Listen up: Amazon slashed up to $100 off the most popular Bose speakers — get yours starting at just $79Grab new speakers from the industry standard brand and get up to 25 percent off.
Leer más »
You are not alone: Coronavirus crisis has damaged retirement plans of many AmericansEveryday investors could have lost 30% or more during the coronavirus crash depending on how they've invested. It can be hard to look at the numbers.
Leer más »
Kate Middleton Uses Code Words to Let Her Kids Know They're Acting Up in Public, ApparentlyKate Middleton reportedly has a code word phrase that she uses with her kids to let them know that they're getting out of line.
Leer más »
Ariana Grande Reveals How She's Keeping Busy During Self-QuarantineFans wanted to know how hand-washing meme legend Ariana Grande was faring with her self-quarantine, so she let them in on her daily routine.
Leer más »