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Cares act allows withdrawal from retirement account
Posted on 8/4/20 at 7:42 am
Posted on 8/4/20 at 7:42 am
The taxes can be spread over three years and there is no penalty. In my current 403b i am limited to certain funds available from fidelity. If I withdraw my balance and put these funds in an IRA (where I can choose more specifically how they are invested).. is the taxable event minimized?
3
Posted on 8/4/20 at 9:11 am to LChama
I will jump in with a question as well if you don't mind.
Does this apply to a non company sponsored IRA's? I am def. not going to touch my 401-k, but I have an IRA that I had rolled a previous 401-k into that I may consider taking a distribution from.
Does this apply to a non company sponsored IRA's? I am def. not going to touch my 401-k, but I have an IRA that I had rolled a previous 401-k into that I may consider taking a distribution from.
Posted on 8/4/20 at 9:36 am to LChama
I am not sure about a 403B but form 401K if it is transferred directly to IRA there is no tax due until you take a distribution to yourself.
Posted on 8/5/20 at 4:53 am to LChama
quote:
If I withdraw my balance and put these funds in an IRA (where I can choose more specifically how they are invested).. is the taxable event minimized?
Yes. If you do the full 100k out and the full 100k into your IRA within 60 days, no tax.
This post was edited on 8/5/20 at 4:53 am
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