Why is money withdrawn from a retirement account taxed?
- April 30th, 2024
- David Greene
- Comments Off on Why is money withdrawn from a retirement account taxed?
I decided that shortly after tax time is a good time to answer this question because I always have clients in this predicament every year! I want to use this answer as a warning to anyone thinking of making an…
Can one who withdrew funds from his retirement account in 2020 due to COVID pay the money back without paying taxes?
- July 15th, 2022
- David Greene
- Comments Off on Can one who withdrew funds from his retirement account in 2020 due to COVID pay the money back without paying taxes?
Section 2202 of the CARES Act, enacted on March 27, 2020, provided for some special rules for paying back distributions from retirement plans and IRAs if the withdrawal was related to COVID. One new provision is that the amount withdrawn…