This article was published by the IRS. Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren't subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a [...]
This article was published by the IRS. The Internal Revenue Service has released guidance through Notice 2020-50 to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. This includes expanding the categories of individuals eligible for these types of distributions [...]
If you are past the age of 50 and stressed about your retirement savings, you don't have to worry. The following tools will help you maximize your retirement even at your current age. If you are 50 or over, you are eligible to take advantage of catch-up provisions in the tax code. For example, if you [...]
In this week’s Monday episode (June 22, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that the IRS approved some relief last week. If you were 70 1/2 in 2019 and were required to take distributions from a retirement plan like a 401(k) or IRA, the question has been what would happen if [...]
In this week's Wednesday episode (April 8, 2020) of the Town of Plymouth's "COVID-19 Daily Update," Heather Cozby addressed the gap between the government programs being set up and the current lack of cash flow. She discussed the status of the Economic Stimulus Payments and Payroll Protection Program, as well as unemployment benefits and Economic Disaster [...]
