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During the pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) helped keep many businesses and individuals afloat.
But as they say in hard-sell TV commercials… “But wait. There’s more!!!”
You see, thanks to important provisions of the CARES Act, you may be eligible to take a tax-favored coronavirus-related distribution from a traditional IRA and not have to pay taxes on that money!
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Are you taking advantage of this money-saving strategy?
It’s not difficult…
- All you do is recontribute the amounts(s) you withdrew from your IRAs, back into one or more of the corresponding IRAs.
- IMPORTANT: This repayment must be done within three years of the withdrawal date(s).
That’s it. You’re home free and tax free!
What can you do with the money you withdraw?
It’s up to you. You see, there are no restrictions on how you use the withdrawn funds. Want to pay bills? No problem. Want to pay your kid’s tuition. Go right ahead.
When you repay the money you withdrew within the three-year window, you don’t pay a penny in tax on that amount!
Needless to say, since we’re dealing with IRS rules and regulations, the devil is in the details. And one detail that can seem like a devil is what happens to your tax returns in those years where you have outstanding IRA money.
We’ll show you how to avoid IRS hell when you…
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