I just received an e-mail on this subject from the American Institute of CPAs. The full article is in the attached file. If all goes according to plans, the POTUS will sign this bill tonight.
This is the section that pertains to this post. Looks like I was right in my hypothesis in my earlier post:
Retirement plans: Taxpayers can take up to $100,000 in coronavirus-related distributions from retirement plans without being subject to the Sec. 72(t) 10% additional tax for early distributions. Eligible distributions can be taken up to Dec. 31, 2020. Coronavirus-related distributions may be repaid within three years. For these purposes, an eligible taxpayer is one who has been diagnosed with SARS-CoV-2 virus or COVID-19 disease or whose spouse or dependent has been diagnosed with SARS-CoV-2 virus or COVID-19 disease or who experiences adverse financial consequences from being quarantined, furloughed, or laid off, or who has had his or her work hours reduced, or who is unable to work due to lack of child care. Any resulting income inclusion can be taken over three years. The bill also allows loans of up to $100,000 from qualified plans, and repayment can be delayed.
The bill temporarily suspends the required minimum distribution rules in Sec. 401 for 2020.
The bill delays 2020 minimum required contributions for single-employer plans until 2021.
Bill
