schirallicpa Posted March 15, 2021 Report Share Posted March 15, 2021 Am I correct that the distributions can be made penalty for covid reasons into 2021 thru June? With the same 3 year payback/tax deferral?? Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 15, 2021 Report Share Posted March 15, 2021 Q4. What is a coronavirus-related distribution? A4. A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRA Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted March 15, 2021 Author Report Share Posted March 15, 2021 I thought Trumps last act extended another 180 days. Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 15, 2021 Report Share Posted March 15, 2021 If it did, the IRS hasn't changed their guidance on the issue? Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 15, 2021 Report Share Posted March 15, 2021 No, it has not been extended. The last day was Dec 30, 2020 and that date caught my eye because "why not Dec 31st, 2020"? Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted March 16, 2021 Report Share Posted March 16, 2021 There was no extension by either CCA-21 or ARPA-21. 1 Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 16, 2021 Report Share Posted March 16, 2021 3 hours ago, schirallicpa said: Am I correct that the distributions can be made penalty for covid reasons into 2021 thru June? With the same 3 year payback/tax deferral?? Lets give you credit for being partially correct. The CAA extended Qualified Disaster Distributions (not related to covid 19 ) and Qualified Plan Loans for 180 days. 1 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted March 17, 2021 Author Report Share Posted March 17, 2021 On 3/15/2021 at 9:24 PM, cbslee said: Lets give you credit for being partially correct. The CAA extended Qualified Disaster Distributions (not related to covid 19 ) and Qualified Plan Loans for 180 days. Woohoo - partial credit. Thanks! I was just hoping for my client that didn't get the news in 2020. Quote Link to comment Share on other sites More sharing options...
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