Article Date:
July 2020


Word Count:
1223

 

 

IRS Enables Millions to Qualify for the $100,000 IRA Grab and Repay


Question

 

My home-based consulting practice didn’t close or reduce hours due to COVID-19, but I’ve lost about $30,000 in revenue year-to-date because clients didn’t have money to pay me. My spouse’s job hasn’t changed.

 

I wanted to take money from my IRA to help with cash flow and use the repayment benefit you outlined in COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay.

 

I don’t seem to qualify under any of the factors, but I’ve absolutely taken a financial hit and need some cash. Any advice? ... Log in to view full article.

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