Content Comparison

For tax year 2020, taxpayers who were negatively impacted by COVID-19 were eligible to:

• Withdraw from retirement without receiving the 10% early withdrawal penalty for being younger than 59 1/2

• Divide the taxable amount of their withdrawal over a 3 year period

Taxpayers may have elected to utilize both, one, or neither of these options. 

These options were for tax year 2020 ONLY. The same exemptions for retirement, for early withdrawal penalties and disaster related distributions that existed pre-COVID are still available.