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The 2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed in to law by President Trump on March 27, 2020.
Aside from the well-known direct stimulus checks to individuals and families, and other provisions, CARES also provides temporary support related to retirement assets.
Under CARES, a qualified individual may take up to a $100,000 “coronavirus-related distribution” without the 10% penalty IF the individual pays back the funds to the retirement plan within three years after receiving the distribution. The deadline for withdrawing the funds is December 31, 2020.
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