On December 27, 2020, the new Consolidated Appropriations Act (CAA) became law.
Until then, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020.
We covered some of the changes in COVID-19 Relief Law Boosts Temporary Tax Deductions and Credits. This article covers other changes and further explains one of the changes discussed in the linked article.
Note that the tax changes explained here are found in the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) and the COVID-Related Tax Relief Act of 2020 (COVIDTRA). Both acts are folded into the massive 5,593-page CAA.
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Thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), IRA ... Log in to view full article.