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Coronavirus-Related Retirement Account Distributions: Tax Implications

CORONAVIRUS-RELATED RETIREMENT ACCOUNT DISTRIBUTIONS: TAX IMPLICATIONS

Cost Free
Presentation Length 1.0 hour

Recorded DateMarch 22, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

2020 tax season will be filled with surprises for taxpayers, especially those who had to take out funds from their retirement accounts. Typically, these distributions would be subject to a 10% additional tax and the taxpayer's marginal Federal, state, and local tax rates. However, for 2020 there are several options for taxpayers who had to distribute money from their retirement accounts due to the coronavirus pandemic. Some of the benefits include:


  • Distributions not subject to 10% additional tax

  • Tax deferral over three years

  • Option to roll over the funds tax-free and exclude the distribution from income

Join us for this session, where we will walk through the options and discuss how to navigate them to the best advantage for specific tax scenarios.

Learning Objectives: 


  • Recognize the favorable tax treatment concerning coronavirus-related distributions

  • Identify how to answer client’s questions regarding their options when it comes to tax deferral related to these distributions

  • Determine how to report coronavirus-related distributions

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Jeremias Ramos is a tax manager in Withum's New York City office specializing in business and tax consulting. He focuses on proactive business growth and wealth management approaches. Jeremias is also the Editor-in-Chief of The Daily CPA, a blog focusing on millennial CPAs' perspective. He is also a regular contributor to Withum's Double Taxation blog. He enjoys helping his peers in the millennial CPA world break down complex tax tasks into step-by-step processes. Look for his CPA exam prep tips videos on YouTube and follow him on LinkedIn or at TheDailyCPA.com.

About Our Presenter

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Withum is a forward-thinking, technology-driven advisory and accounting firm, committed to helping clients be more profitable, efficient and productive in the modern business landscape. With office locations in major cities and financial centers across the country, and as an independent member of HLB, the global advisory and accounting network, Withum serves businesses and individuals on a local-to-global scale. Our professionals provide the expert advice and innovation solutions you need to Be in a Position of StrengthSM in today’s fast-paced, tech-driven world.