If you’ve borrowed from your retirement account, rest assured!
Due to the coronavirus situation, many people had to make early withdrawals from their retirement accounts. In general, you would face a 10 percent tax penalty from doing that, but thanks to the relief measures, you’ll don’t have to worry about penalties anymore.
The CARES Act entitles you to get up to $100,000 with virtually no penalty if you’re under 59½. However, you’ll have to repay the distributions by the 2022 tax return. Still, you can choose how to pay the amount of money back. You can give them all at once, or you can split the amount as it suits you.
