(Published March 30, 2020) On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. Included in the legislation are some significant retirement plan provisions including the ability to take penalty-free distributions from an individual retirement account for Coronavirus purposes and a waiver of 2020 required minimum distributions.
(Published March 6, 2020) The Setting Every Community Up for Retirement Enhancement Act of 2019 (i.e. the SECURE Act) was passed on December 20, 2019 and includes a provision that allows qualified birth or adoption distributions from an IRA. Additionally, in some cases an individual can repay these distributions to his/her IRA. This article explains the reporting requirements for these transactions.