Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans

The Internal Revenue Service recently released Notice 2020-50 (PDF) 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.

The document includes expanding the categories of individuals eligible for these types of distributions and loans and providing helpful guidance and examples on how qualified individuals will reflect the tax treatment of these distributions and loans on their federal income tax filings.

Rafael Tulino from the IRS joined Good Morning San Diego to help explain the relief for people affected by coronavirus.

Categories: Coronavirus, Good Evening San Diego, Good Morning San Diego