The Covid-19 pandemic has revealed how close so many Americans are to severe financial insecurity. Based on OP's last sentence, I'm assuming that's the issue: OP wants to take money out, but the plan does not allow him to. "If, for example, you receive a coronavirus-related distribution in 2020, you choose to include the distribution amount in income over a 3-year period (2020, 2021, and 2022), and you choose to repay the full amount to an eligible retirement plan in 2022, you may file amended federal income tax returns for 2020 and 2021 to claim a refund of the tax attributable to the amount of the distribution that you included in income for those years, and you will not be required to include any amount in income in 2022.". Wait for the secretary of the treasury to declare everybody was affected. Read on for the information on this important tax credit and what it can mean for your business. Litigation; Regulation; ERISA 3(38) / 3(21) / 3(16) Department of Labor; … Vote. .FIYolDqalszTnjjNfThfT{max-width:256px;white-space:normal;text-align:center} That’s not how that will work. .c_dVyWK3BXRxSN3ULLJ_t{border-radius:4px 4px 0 0;height:34px;left:0;position:absolute;right:0;top:0}._1OQL3FCA9BfgI57ghHHgV3{-ms-flex-align:center;align-items:center;display:-ms-flexbox;display:flex;-ms-flex-pack:start;justify-content:flex-start;margin-top:32px}._1OQL3FCA9BfgI57ghHHgV3 ._33jgwegeMTJ-FJaaHMeOjV{border-radius:9001px;height:32px;width:32px}._1OQL3FCA9BfgI57ghHHgV3 ._1wQQNkVR4qNpQCzA19X4B6{height:16px;margin-left:8px;width:200px}._39IvqNe6cqNVXcMFxFWFxx{display:-ms-flexbox;display:flex;margin:12px 0}._39IvqNe6cqNVXcMFxFWFxx ._29TSdL_ZMpyzfQ_bfdcBSc{-ms-flex:1;flex:1}._39IvqNe6cqNVXcMFxFWFxx .JEV9fXVlt_7DgH-zLepBH{height:18px;width:50px}._39IvqNe6cqNVXcMFxFWFxx ._3YCOmnWpGeRBW_Psd5WMPR{height:12px;margin-top:4px;width:60px}._2iO5zt81CSiYhWRF9WylyN{height:18px;margin-bottom:4px}._2iO5zt81CSiYhWRF9WylyN._2E9u5XvlGwlpnzki78vasG{width:230px}._2iO5zt81CSiYhWRF9WylyN.fDElwzn43eJToKzSCkejE{width:100%}._2iO5zt81CSiYhWRF9WylyN._2kNB7LAYYqYdyS85f8pqfi{width:250px}._2iO5zt81CSiYhWRF9WylyN._1XmngqAPKZO_1lDBwcQrR7{width:120px}._3XbVvl-zJDbcDeEdSgxV4_{border-radius:4px;height:32px;margin-top:16px;width:100%}._2hgXdc8jVQaXYAXvnqEyED{animation:_3XkHjK4wMgxtjzC1TvoXrb 1.5s ease infinite;background:linear-gradient(90deg,var(--newCommunityTheme-field),var(--newCommunityTheme-inactive),var(--newCommunityTheme-field));background-size:200%}._1KWSZXqSM_BLhBzkPyJFGR{background-color:var(--newCommunityTheme-widgetColors-sidebarWidgetBackgroundColor);border-radius:4px;padding:12px;position:relative;width:auto} This provision covers loans made until September 23, 2020. ._3-SW6hQX6gXK9G4FM74obr{display:inline-block;vertical-align:text-bottom;width:16px;height:16px;font-size:16px;line-height:16px} I took out $44000 from my 401k due to the pandemic last year. These videos are a community service to bring awareness of different happenings which financially affect our local community and our families. Usually, it’s due in same year in which you make the withdrawal. CARES Act Loan The CARES Act allows Qualified Individuals to borrow up to $100,000 from their retirement account if the loan is made on or before September 23, 2020. Buried in 880 pages worth of legislation, one section is intended to provide benefits for those retirement savers with a 401(k) plan. If you’ve got questions about the CARES Act, the IRS is here to help (wait, what?). ._12xlue8dQ1odPw1J81FIGQ{display:inline-block;vertical-align:middle} ._3Qx5bBCG_O8wVZee9J-KyJ{border-top:1px solid var(--newRedditTheme-line);margin-top:16px;padding-top:16px}._3Qx5bBCG_O8wVZee9J-KyJ ._2NbKFI9n3wPM76pgfAPEsN{margin:0;padding:0}._3Qx5bBCG_O8wVZee9J-KyJ ._2NbKFI9n3wPM76pgfAPEsN ._2btz68cXFBI3RWcfSNwbmJ{font-family:Noto Sans,Arial,sans-serif;font-size:14px;font-weight:400;line-height:21px;display:-ms-flexbox;display:flex;-ms-flex-pack:justify;justify-content:space-between;margin:8px 0}._3Qx5bBCG_O8wVZee9J-KyJ ._2NbKFI9n3wPM76pgfAPEsN ._2btz68cXFBI3RWcfSNwbmJ.QgBK4ECuqpeR2umRjYcP2{opacity:.4}._3Qx5bBCG_O8wVZee9J-KyJ ._2NbKFI9n3wPM76pgfAPEsN ._2btz68cXFBI3RWcfSNwbmJ label{font-size:12px;font-weight:500;line-height:16px;display:-ms-flexbox;display:flex;-ms-flex-align:center;align-items:center}._3Qx5bBCG_O8wVZee9J-KyJ ._2NbKFI9n3wPM76pgfAPEsN ._2btz68cXFBI3RWcfSNwbmJ label svg{fill:currentColor;height:20px;margin-right:4px;width:20px}._3Qx5bBCG_O8wVZee9J-KyJ ._4OtOUaGIjjp2cNJMUxme_{-ms-flex-align:center;align-items:center;display:-ms-flexbox;display:flex;-ms-flex-pack:justify;justify-content:space-between;padding:0;width:100%}._3Qx5bBCG_O8wVZee9J-KyJ ._4OtOUaGIjjp2cNJMUxme_ svg{display:inline-block;height:12px;width:12px}.isInButtons2020 ._4OtOUaGIjjp2cNJMUxme_{padding:0 12px}.isInButtons2020 ._1ra1vBLrjtHjhYDZ_gOy8F{font-family:Noto Sans,Arial,sans-serif;font-size:12px;font-weight:700;letter-spacing:unset;line-height:16px;text-transform:unset}._1ra1vBLrjtHjhYDZ_gOy8F{--textColor:var(--newCommunityTheme-widgetColors-sidebarWidgetTextColor);--textColorHover:var(--newCommunityTheme-widgetColors-sidebarWidgetTextColorShaded80);font-size:10px;font-weight:700;letter-spacing:.5px;line-height:12px;text-transform:uppercase;color:var(--textColor);fill:var(--textColor);opacity:1}._1ra1vBLrjtHjhYDZ_gOy8F._2UlgIO1LIFVpT30ItAtPfb{--textColor:var(--newRedditTheme-widgetColors-sidebarWidgetTextColor);--textColorHover:var(--newRedditTheme-widgetColors-sidebarWidgetTextColorShaded80)}._1ra1vBLrjtHjhYDZ_gOy8F:active,._1ra1vBLrjtHjhYDZ_gOy8F:hover{color:var(--textColorHover);fill:var(--textColorHover)}._1ra1vBLrjtHjhYDZ_gOy8F:disabled,._1ra1vBLrjtHjhYDZ_gOy8F[data-disabled],._1ra1vBLrjtHjhYDZ_gOy8F[disabled]{opacity:.5;cursor:not-allowed} While you will owe taxes on that sum, since the original contributions were pre-tax, that amount can be spread over three years. The links provided give you direct access to programs and services developed with USBC corporate and government agency partners to help you navigate financing, create e-commerce solutions, protect your workplace and re-tool your business … USBC Cares Act Response. The CARES Act has done away with the early withdrawal penalty for withdrawals up to $100,000 during the pandemic and it enables you to spread your tax liability out over three years. The CARES Act changed all of the rules about 401(k) withdrawals. Under the CARES Act, there’s currently a 0% interest rate for all federal student loans. It would be taxed the same as income. By using our Services or clicking I agree, you agree to our use of cookies. ._2cHgYGbfV9EZMSThqLt2tx{margin-bottom:16px;border-radius:4px}._3Q7WCNdCi77r0_CKPoDSFY{width:75%;height:24px}._2wgLWvNKnhoJX3DUVT_3F-,._3Q7WCNdCi77r0_CKPoDSFY{background:var(--newCommunityTheme-field);background-size:200%;margin-bottom:16px;border-radius:4px}._2wgLWvNKnhoJX3DUVT_3F-{width:100%;height:46px} Over these past four months, millions of American workers have experienced sudden and unexpected losses of their primary sources of income, either temporarily or, for many, permanently. I’ve been debating whether this would be a good opportunity to pull some cash out, pay no penalty, and spread the taxes out over 3 years. New plans are half off or better starting January 1, 2020, thanks to the SECURE Act. Explore. The CARES Act serves as a stimulus package which, among other stipulations, includes several provisions related to distributions from 401k’s and IRA’s. Lawmakers packaged, sold, and passed the CARES Act as a way to help retirement savers mitigate the COVID-19 crisis. If you decide you can’t put the funds back into a retirement account, you also have the option to spread the taxes due on the withdrawal over a three-year-period. And payments — new and existing — can be deferred for a year. The CARES Act rules for your 401(k) Under the CARES Act, the following changes affect how individuals can access 401(k) funds: 401(k) withdrawals. The CARES Act changed some 401k withdrawal rules, but there are details you need to know before you make a 401k withdrawal during coronavirus or COVID-19. Just an FYI the cares act is expiring sometime in December so if you‘re planning on taking money out I wouldn’t wait long. But that doesn't help the providers that send the 1099 with … The CARES Act increases the maximum loan amount for eligible participants as defined above to $100,000 or, if less, the participant’s entire vested account balance for loans made during the 180-day period beginning on enactment. The CARES Act allows the tax burden to be spread out over a period of up to three tax years, unless you decide to put the money you withdrew … The CARES Act increases the maximum 401(k) loan to $100,000 or 100% of the vested account balance, but that doesn't necessarily mean you should raid your retirement savings. Thread starter textat3; Start date Nov 20, 2020; T. textat3 Well-Known Member. News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The CARES Act lets you remove up to $100,000 from your IRA or 401(k), but that could change your tax situation for the worse. New no penalty 401(k) withdrawal rules under the coronavirus stimulus CARES Act permit 'coronavirus-related distributions' of up to $100,000. (A) IF you self-certify that you live in an area that had a "shelter-in-place" order in effect at somepoint, AND IF you feel that you've "experienced adverse financial consequences" as a result of that "quarintine", THEN your employer/plan administrator can rely on that information and issue you a "Coronavirus-related distribution. Lawmakers packaged, sold, and passed the CARES Act as a way to help retirement savers mitigate the COVID-19 crisis. cares act 401k deadline, Continuing Care Retirement Communities - No person undertaking to provide continuing care in a facility shall engage in the business of providing continuing care in this Commonwealth without a certificate of authority therefore obtained from the Commission as provided by 40 P.S. Even if she did have to pay taxes, she could stretch them over the next 3 years. Thus, even though a qualified individual is required to have sustained an economic loss, Katrina distributions are permitted without regard to the qualified individual’s need and the amount of the distribution is not required to correspond to the amount of the economic loss suffered by the qualified individual (IRS n-05-92).". In general, section 2202 of the CARES Act provides for expanded distribution options and favorable tax treatment for up to $100,000 of coronavirus-related distributions from eligible retirement plans (certain employer retirement plans, such as section 401(k) and 403(b) plans, and IRAs) to qualified individuals, as well as special rollover rules with respect to such distributions. The taxpayer will have to attest under penalties of perjury on their own return that they qualify for the exception. The CARES Act increases the maximum 401(k) loan to $100,000 or 100% of the vested account balance. ._9ZuQyDXhFth1qKJF4KNm8{padding:12px 12px 40px}._2iNJX36LR2tMHx_unzEkVM,._1JmnMJclrTwTPpAip5U_Hm{font-size:16px;font-weight:500;line-height:20px;color:var(--newCommunityTheme-bodyText);margin-bottom:40px;padding-top:4px}._306gA2lxjCHX44ssikUp3O{margin-bottom:32px}._1Omf6afKRpv3RKNCWjIyJ4{font-size:18px;font-weight:500;line-height:22px;border-bottom:2px solid var(--newCommunityTheme-line);color:var(--newCommunityTheme-bodyText);margin-bottom:8px;padding-bottom:8px}._2Ss7VGMX-UPKt9NhFRtgTz{margin-bottom:24px}._3vWu4F9B4X4Yc-Gm86-FMP{border-bottom:1px solid var(--newCommunityTheme-line);margin-bottom:8px;padding-bottom:2px}._3vWu4F9B4X4Yc-Gm86-FMP:last-of-type{border-bottom-width:0}._2qAEe8HGjtHsuKsHqNCa9u{font-size:14px;font-weight:500;line-height:18px;color:var(--newCommunityTheme-bodyText);padding-bottom:8px;padding-top:8px}.c5RWd-O3CYE-XSLdTyjtI{padding:8px 0}._3whORKuQps-WQpSceAyHuF{font-size:12px;font-weight:400;line-height:16px;color:var(--newCommunityTheme-actionIcon);margin-bottom:8px}._1Qk-ka6_CJz1fU3OUfeznu{margin-bottom:8px}._3ds8Wk2l32hr3hLddQshhG{font-weight:500}._1h0r6vtgOzgWtu-GNBO6Yb,._3ds8Wk2l32hr3hLddQshhG{font-size:12px;line-height:16px;color:var(--newCommunityTheme-actionIcon)}._1h0r6vtgOzgWtu-GNBO6Yb{font-weight:400}.horIoLCod23xkzt7MmTpC{font-size:12px;font-weight:400;line-height:16px;color:#ea0027}._33Iw1wpNZ-uhC05tWsB9xi{margin-top:24px}._2M7LQbQxH40ingJ9h9RslL{font-size:12px;font-weight:400;line-height:16px;color:var(--newCommunityTheme-actionIcon);margin-bottom:8px} Note: Retirement plans are not required to allow loans nor are they required to adopt this higher loan limit. That provision expires on Sept. 22, 2020. 401(K) TOOL(K)IT . .s5ap8yh1b4ZfwxvHizW3f{color:var(--newCommunityTheme-metaText);padding-top:5px}.s5ap8yh1b4ZfwxvHizW3f._19JhaP1slDQqu2XgT3vVS0{color:#ea0027} Nov 20, 2020 #1 Anyone use their 401k money for a withdrawal during Covid? (D) Additionally, you can elect not to have the inclusion of the CRD in your income spread over the 3-year period. Reply. News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. You are describing just taking an early distribution from a tax-deferred account. In 2020, the holiday season brings an extra year-end deadline to keep in mind: Dec. 30 is the last day to make penalty-free withdrawals from your 401(k) under the CARES Act. ... Facebook 0 Twitter LinkedIn 0 Reddit … Close. The deadline everywhere says it’s Dec 31st but they are telling me they stopped taking applications after Dec 18 because they have too many and need to get them in by Dec 31st. Before COVID, early withdrawals from your retirement accounts came with stiff penalties. My ex-employer waived the 10% penalty but withheld 20% for federal taxes. It seems the benefit of the Cares Act is to eliminate the 10% penalty and allow someone to pay the taxes within 3 years instead of 1 year. 401k withdrawal under CARES ACT. CARES Act allows 401k withdraw without penalty. Those repayments will be treated as a rollover distribution (and not subject to taxes). In addition, the measure offers $25 billion in loans and loan guarantees. Unsolved. USBC continues to work to provide the most relevant, up-to-date information on the COVID-19 response and the CARES Act. 1. View All Result . More specifically, Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans. Nov 20, 2020 #2 Yes. “Under the CARES Act, individuals eligible for coronavirus-related relief may be able to withdraw up to $100,000 from IRAs or workplace retirement plans before December 31, 2020, if their plans allow,” the IRS writes. Questions about 401k and the Cares Act. /*# sourceMappingURL=https://www.redditstatic.com/desktop2x/chunkCSS/ReredditLink.f7b66a91705891e84a09.css.map*/My employer only allows for Cares Act distribution and Hardship Withdrawal distribution. The CARES Act has temporarily eliminated the 10% early withdrawal and distribution penalty for 401k withdrawal and other qualified plan funds, up to $100,000. The act implements several changes with respect to retirement savings aimed at allowing citizens to access 401(k) savings as a means to keep afloat in the economic chaos created by COVID-19 and attendant business shutdowns. Side note, hardship withdrawals and loans are not an option. Below is a summary of provisions specific to 401(k) plans, although there are many details yet to be worked through. I’m in a situation where I’m 33, and have over $1mil mixed between 401k and IRAs. The CARES Act from Congress eliminated the 10% early-withdrawal hit, and 20% federal tax withholding, on early 401(k) withdrawals for those impacted by the crisis. Not necessarily. (C) Anybody that recieves a CRD can repay all of or a portion of that CRD at any time during the 3-year period beginning on the day after the date on which the CRD was received. 1099-R for CARES Act 401k distribution. .Rd5g7JmL4Fdk-aZi1-U_V{transition:all .1s linear 0s}._2TMXtA984ePtHXMkOpHNQm{font-size:16px;font-weight:500;line-height:20px;margin-bottom:4px}.CneW1mCG4WJXxJbZl5tzH{border-top:1px solid var(--newRedditTheme-line);margin-top:16px;padding-top:16px}._11ARF4IQO4h3HeKPpPg0xb{transition:all .1s linear 0s;display:none;fill:var(--newCommunityTheme-button);height:16px;width:16px;vertical-align:middle;margin-bottom:2px;margin-left:4px;cursor:pointer}._1I3N-uBrbZH-ywcmCnwv_B:hover ._11ARF4IQO4h3HeKPpPg0xb{display:inline-block}._2IvhQwkgv_7K0Q3R0695Cs{border-radius:4px;border:1px solid var(--newCommunityTheme-line)}._2IvhQwkgv_7K0Q3R0695Cs:focus{outline:none}._1I3N-uBrbZH-ywcmCnwv_B{transition:all .1s linear 0s;border-radius:4px;border:1px solid var(--newCommunityTheme-line)}._1I3N-uBrbZH-ywcmCnwv_B:focus{outline:none}._1I3N-uBrbZH-ywcmCnwv_B.IeceazVNz_gGZfKXub0ak,._1I3N-uBrbZH-ywcmCnwv_B:hover{border:1px solid var(--newCommunityTheme-button)}._35hmSCjPO8OEezK36eUXpk._35hmSCjPO8OEezK36eUXpk._35hmSCjPO8OEezK36eUXpk{margin-top:25px;left:-9px}._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP,._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP:focus-within,._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP._3aEIeAgUy9VfJyRPljMNJP:hover{transition:all .1s linear 0s;border:none;padding:8px 8px 0}._25yWxLGH4C6j26OKFx8kD5{display:inline}._2YsVWIEj0doZMxreeY6iDG{font-size:12px;font-weight:400;line-height:16px;color:var(--newCommunityTheme-metaText);display:-ms-flexbox;display:flex;padding:4px 6px}._1hFCAcL4_gkyWN0KM96zgg{color:var(--newCommunityTheme-button);margin-right:8px;margin-left:auto;color:var(--newCommunityTheme-errorText)}._1hFCAcL4_gkyWN0KM96zgg,._1dF0IdghIrnqkJiUxfswxd{font-size:12px;font-weight:700;line-height:16px;cursor:pointer;-ms-flex-item-align:end;align-self:flex-end;-webkit-user-select:none;-ms-user-select:none;user-select:none}._1dF0IdghIrnqkJiUxfswxd{color:var(--newCommunityTheme-button)}._3VGrhUu842I3acqBMCoSAq{font-weight:700;color:#ff4500;text-transform:uppercase;margin-right:4px}._3VGrhUu842I3acqBMCoSAq,.edyFgPHILhf5OLH2vk-tk{font-size:12px;line-height:16px}.edyFgPHILhf5OLH2vk-tk{font-weight:400;-ms-flex-preferred-size:100%;flex-basis:100%;margin-bottom:4px;color:var(--newCommunityTheme-metaText)}._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX{margin-top:6px}._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX._19lMIGqzfTPVY3ssqTiZSX._3MAHaXXXXi9Xrmc_oMPTdP{margin-top:4px} CARES Act and Your 401k Retirement Savings. I took out $44000 from my 401k due to the pandemic last year. Reddit's home for tax geeks and taxpayers! In order to combat these negative bearings, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law by the President of the United States. The CARES Act was signed into law on Friday, March 27, 2020. I want to take an early distribution from my 401k, but I currently do not qualify for any of the current CARES act criteria. 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You can spread the income tax bill over three years, and you have the option to repay your plan over three years. ... Reddit Share on email. While stimulus checks and enhanced unemployment benefits have filled in some gaps, they … I had 10% taken off the top and will pay the remaining over the three years. IRS Q&A for Coronavirus-related relief for retirement plans. Can I use the CARES Act to obtain an early distribution and just pay the 10% penalty along with paying the full amount of taxes within the first year? Leaders Speak . Discussion. But that’s not all. Sections 3201, et seq. CARES Act 401k withdrawal opportunity? Who the fuck is actually going to repay that shit back into their 401k? The CARES Act allows for withdrawals of up to $100,000 from your retirement accounts for coronavirus-related reasons. /*# sourceMappingURL=https://www.redditstatic.com/desktop2x/chunkCSS/IdCard.0f76af1b61e8e247d28f.css.map*/._2JU2WQDzn5pAlpxqChbxr7{height:16px;margin-right:8px;width:16px}._3E45je-29yDjfFqFcLCXyH{margin-top:16px}._13YtS_rCnVZG1ns2xaCalg{font-family:Noto Sans,Arial,sans-serif;font-size:14px;font-weight:400;line-height:18px;display:-ms-flexbox;display:flex}._1m5fPZN4q3vKVg9SgU43u2{margin-top:12px}._17A-IdW3j1_fI_pN-8tMV-{display:inline-block;margin-bottom:8px;margin-right:5px}._5MIPBF8A9vXwwXFumpGqY{border-radius:20px;font-size:12px;font-weight:500;letter-spacing:0;line-height:16px;padding:3px 10px;text-transform:none}._5MIPBF8A9vXwwXFumpGqY:focus{outline:unset} The law allows those who qualify to borrow up to $100,000 (minus any outstanding 401(k) loans from your plan) or 100% of your vested account balance, whichever is less. You may want to spend some time weighing the risks and benefits to withdrawing money versus taking a loan. Financial Literacy Film Festival has been creating bite-size informational content to get the needed resources to people who are looking for help. This provision covered loans issued from March 27, … The CARES Act doubles the maximum amount that can be borrowed from a 401(k) from the lesser of $50,000 or 50% of the plan participant’s account balance to the … Posted by just now. Please note that this blog discusses withdrawals from retirement plans – not retirement plan loans. ("The Treasury Department and IRS anticipate that future guidance will follow the rules set forth in IRS Notice 2005-92, which provided guidance regarding substantially similar distribution and plan loan provisions under the Katrina Emergency Tax Relief Act of 2005. Here's everything you need to know. Reddit's home for tax geeks and taxpayers! Cookies help us deliver our Services. Normally, the limit for loans from a qualified retirement plan is $50,000. Close. Discussion. In addition to IRAs, this relief applies to 401(k) plans, 403(b) plans, profit-sharing plans and others. "Unless the taxpayer elects not to have this paragraph apply for any taxable year, any amount required to be included in gross income for such taxable year shall be so included ratably over the 3-taxable-year period beginning with such taxable year." You may want to apply some of any refund to your 2021 taxes so you don’t get behind in payments (as well as apply some from 2021 to 2022 next year). ._2a172ppKObqWfRHr8eWBKV{-ms-flex-negative:0;flex-shrink:0;margin-right:8px}._39-woRduNuowN7G4JTW4I8{border-top:1px solid var(--newCommunityTheme-widgetColors-lineColor);margin-top:12px;padding-top:12px}._3AOoBdXa2QKVKqIEmG7Vkb{font-size:12px;font-weight:400;line-height:16px;-ms-flex-align:center;align-items:center;background-color:var(--newCommunityTheme-body);border-radius:4px;display:-ms-flexbox;display:flex;-ms-flex-direction:row;flex-direction:row;margin-top:12px}.vzEDg-tM8ZDpEfJnbaJuU{color:var(--newCommunityTheme-button);fill:var(--newCommunityTheme-button);height:14px;width:14px}.r51dfG6q3N-4exmkjHQg_{font-size:10px;font-weight:700;letter-spacing:.5px;line-height:12px;text-transform:uppercase;display:-ms-flexbox;display:flex;-ms-flex-pack:justify;justify-content:space-between}._2ygXHcy_x6RG74BMk0UKkN{margin-left:8px}._2BnLYNBALzjH6p_ollJ-RF{display:-ms-flexbox;display:flex;margin-left:auto}._1-25VxiIsZFVU88qFh-T8p{padding:0}._3BmRwhm18nr4GmDhkoSgtb{color:var(--newCommunityTheme-bodyText);-ms-flex:0 0 auto;flex:0 0 auto;line-height:16px} The CARES Act from Congress eliminated the 10% early-withdrawal hit, and 20% federal tax withholding, on early 401(k) withdrawals for those impacted by the crisis. * These distributions won’t be subject to the normal 10% early withdrawal penalty. 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