Search found 3 matches

by MikeD41
Thu Sep 17, 2020 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: Advice needed - CARES and 72(t)/SEPP withdrawal
Replies: 10
Views: 472

Re: Advice needed - CARES and 72(t)/SEPP withdrawal

Thanks for all the responses. Fido pointed me to this information, in reading I can't quit the 72T without penalty, and I cannot pay it back and start over with the CARES act. The Notice also clarifies that the removal of the RMD requirement for 2020 does not provide relief for a taxpayer receiving ...
by MikeD41
Wed Sep 16, 2020 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Advice needed - CARES and 72(t)/SEPP withdrawal
Replies: 10
Views: 472

Re: Advice needed - CARES and 72(t)/SEPP withdrawal

What I am trying to say is if I break the 72T could I take the amount so far as a CARES act distribution and not pay the 10% penalty. Then start the 72T at a later date.
by MikeD41
Wed Sep 16, 2020 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Advice needed - CARES and 72(t)/SEPP withdrawal
Replies: 10
Views: 472

Advice needed - CARES and 72(t)/SEPP withdrawal

Background: I am currently 50. Unemployed, let go end of 2018. I have been diagnosed with Sars-CoV-2 by a test approved by CDC. Advice needed. Started a 72T/SEPP in January of this year with monthly distribution. With the CARES act is it possible to break/cancel the 72T without paying the 10% penalt...