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progree

(11,616 posts)
6. One has to meet certain Covid - related criteria though
Wed Aug 19, 2020, 04:50 PM
Aug 2020
https://www.consumerfinance.gov/about-us/blog/cares-act-early-retirement-withdrawal/
How do you qualify for the exemption?

You, your spouse, or dependent was diagnosed with COVID-19 by a CDC-approved test , OR

You experienced adverse financial consequences as a result of certain COVID-19-related conditions, such as a delayed start date for a job, rescinded job offer, quarantine, lay off, furlough, reduction in pay or hours or self-employment income, the closing or reduction of your business, an inability to work due to lack of childcare, or other factors ( https://www.irs.gov/pub/irs-drop/n-20-50.pdf ) identified by the Department of Treasury.

A coronavirus-related distribution is one that meets this criteria and is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020.


He lost his good-paying job over a year ago (pre-pandemic)


I don't think this qualifies, even though it is undoubtedly harder to find work now because of Covid.

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Latest Discussions»Culture Forums»Personal Finance and Investing»Question regarding 401k»Reply #6