Oliver Rossi If you inherited an IRA, think before you take that tax-favored $100,000 distribution. That’s because the relief the CARES Act offers investors who have individual retirement accounts and 401(k) retirement plans isn’t as generous to those who inherit these accounts, according to the American Institute of CPAs. The CARES Act provides several options
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More people will be eligible to take a $100,000 coronavirus-related distribution from their retirement account. The IRS released guidance on Friday which details new rules for individuals affected by Covid-19 to take a withdrawal from a 401(k) plan or an individual retirement account. The CARES Act allows savers to take coronavirus-related distributions – emergency withdrawals
Senator Ron Wyden, a Democrat from Oregon and ranking member of the Senate Finance Committee, speaks during a hearing in Washington, D.C., U.S., on June 9 about unemployment insurance during the Covid-19 pandemic. Leah Millis/Reuters/Bloomberg via Getty Images The enhanced unemployment benefits supporting household income for millions of jobless Americans will soon lapse. Lawmakers, scrambling
This past April was a month Tom Nigro will never forget. As a certified registered nurse anesthetist, Nigro was well-equipped to serve victims of the coronavirus and moved that month from his apartment in Milwaukee to New York City – then the epicenter of the pandemic. On April 8, for example, more than 5,581 New
Jason Stitt | Getty Images Millions of Americans put a second round of $1,200 stimulus checks on their wish lists. But Congress has yet to decide exactly what the next version of coronavirus stimulus legislation will look like. If House Democrats have their way, a second batch of checks would be deployed to qualifying Americans.
Thomas Barwick The disaster some wealthy investors have been preparing for has finally arrived. Since the coronavirus pandemic struck, market volatility has become a regular theme for investors. On March 23, the S&P 500 index plummeted to 2,191.86 – an intraday low – but since then, it’s risen by close to 40%. In anticipation of
Students at the Bradley-Bourbonnais Community High School graduation ceremony on May 06, 2020 in Bradley, Illinois. Scott Olson The future is suddenly looking very different for new high school graduates thanks to the coronavirus pandemic. In fact, 49% of the Class of 2020 have changed their plans as a result of the crisis, according to
Yellow Dog Productions The U.S. economy is restarting and millions of unemployed Americans are returning to work. Yet that positive trajectory may not last. Many newly employed Americans could be furloughed or laid off again. Officials in areas like New York have discussed renewed lockdown measures as citizens flaunt social distancing rules. Houston may
Jay Clayton, chairman of the Securities and Exchange Commission, warned Wednesday about the risks of tapping 401(k) retirement money and using it for riskier investments during the coronavirus pandemic. As part of the CARES Act, Congress approved a change to let people withdraw up to $100,000 from their 401(k) or IRA accounts this year without having to
Customers sitting outside of a restaurant in San Francisco, California, U.S., on Monday, June 15. San Francisco restaurants opened their patios Friday for the first time in three months. Photographer: David Paul Morris/Bloomberg via Getty Images States are reopening and millions of people have returned to work. In some cases, those workers may be able