Taking CARES Act loans from qualified plans

June 20, 2020

The IRS explained on Friday. June 19, how qualified individuals can take coronavirus-related loans and distributions from eligible retirement plans.

Under Notice 2020-50, qualified individuals receive favorable tax treatment for those distributions under the Coronavirus Aid, Relief and Economic Security (CARES) Act.

The notice also provides guidance on how plans may report coronavirus-related distributions and how individuals may report these distributions on their individual federal income tax returns. Learn more.

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