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Wednesday
Jul082020

What's New? Plan Loans Under the CARES Act

DateWednesday, July 8, 2020 at 10:49AM by AuthorBanking Spectrum

The Internal Revenue Service today released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. This includes expanding the categories of individuals eligible for these types of distributions and loans (referred to as "qualified individuals") and providing helpful guidance and examples on how qualified individuals will reflect the tax treatment of these distributions and loans on their federal income tax filings.

Read more about Plan Loans in The Gold Book.

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