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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Re: FORM 8915 E, 8915 F, 5329
FORM 8915 E, 8915 F, 5329
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Olympus Tax
Level 3
01-27-2022
11:14 AM
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Is this accurate information?
"Although the initial provision for penalty-free 401k withdrawals expired at the end of 2020, the Consolidated Appropriations Act, 2021 provided a similar withdrawal exemption, allowing eligible individuals to take a qualified disaster distribution of up to $100,000 without being subject to the 10% penalty that would normally apply. This extended the timeline for penalty-free distributions through June 25, 2021."
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1 Comment 1
qbteachmt
Level 15
01-27-2022
11:23 AM
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There have always been provisions for disaster withdrawals. What there is for 2020 only is "covid" disaster.
https://hbkcpa.com/caa-suspends-early-distributions-retirement-plans/
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