IRA distribution for COVID - into 2021?

[schirallicpa]

Am I correct that the distributions can be made penalty for covid reasons into 2021 thru June?  With the same 3 year payback/tax deferral??

 

 

[Lee B]

Q4. What is a coronavirus-related distribution?   

A4. A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRA

[schirallicpa]

I thought Trumps last act extended another 180 days.

[Lee B]

If it did, the IRS hasn't changed their guidance on the issue?

[Pacun]

No, it has not been extended.  The last day was Dec 30, 2020 and that date caught my eye because "why not Dec 31st, 2020"?

 

[DANRVAN]

There was no extension by either CCA-21 or ARPA-21.

[Lee B]

3 hours ago, schirallicpa said:

Am I correct that the distributions can be made penalty for covid reasons into 2021 thru June?  With the same 3 year payback/tax deferral??

 

 

Lets give you credit for being partially correct. The CAA extended Qualified Disaster Distributions (not related to covid 19 ) and Qualified Plan Loans

for 180 days.

[schirallicpa]

On 3/15/2021 at 9:24 PM, cbslee said:

Lets give you credit for being partially correct. The CAA extended Qualified Disaster Distributions (not related to covid 19 ) and Qualified Plan Loans

for 180 days.

Woohoo - partial credit.  Thanks!   I was just hoping for my client that didn't get the news in 2020.