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COVID Retirement Distribution (2020 Only): How To Qualify





CARES Act

CARES Act relief, you qualify for a coronavirus-related distribution if

  • you, your spouse, or your dependent is diagnosed with COVID-19 with a CDC-approved test;

  • you experience adverse financial consequences as a result of being quarantined, being furloughed or laid off, or having work hours reduced due to COVID-19;

  • you experience adverse financial consequences as a result of being unable to work due to lack of childcare due to COVID-19; or

  • you experience adverse financial consequences as a result of closing or reducing your business hours due to COVID-19.



IRS Expands Relief

With the new IRS relief, you now also qualify for coronavirus-related distributions if you experience adverse financial consequences because

  • you, your spouse, or a member of your household has a reduction in pay or self-employment income due to COVID-19;

  • you, your spouse, or a member of your household has a job offer rescinded or start date for a job delayed due to COVID-19;

  • your spouse or a member of your household is quarantined, is furloughed or laid off, or has work hours reduced, due to COVID-19;

  • your spouse or a member of your household is unable to work due to lack of childcare due to COVID-19; or

  • your spouse or a member of your household owns or operates a business that closed or reduced hours due to COVID-19.



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