Episode 131: Update On CARES Act and 401k Fees

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Today’s Smart Money Question:

We get a lot of questions about the CARES Act and 401k fees. Here’s how they work and what you need to know.

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Here Are Just A Handful Of Things You’ll Learn:

Today on Smart Money Questions we give you an update on the CARES Act and 401k fees. We get a lot of questions from clients about both of these topics.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress and signed into law on March 27, 2020.  The $2 trillion-plus economic relief package helps protect the American people from the public health and economic impacts of COVID-19.

Congress is constantly changing the CARES Act, so the IRS is constantly viewing it differently, too. If you are under 59.5, you have the ability until the end of this year to pull $100,000 out of eligible retirement accounts.

You may not have to pay the 10% withdraw rate if you’ve been diagnosed with Covid-19 or experienced financial consequences due to the pandemic. You will have to prove that you’re a qualified individual.

On today’s podcast, we also talk about IRA withdraws, required minimum distributions, charitable distributions and Roth conversions. Listen to the full episode or click on the timestamps below to skip to a specific section.

2:49 – Questions about CARES Act, 401K fees

5:19 – CARES Act

9:04 – Qualified individual

12:36 – IRA withdraws, RMDs and charitable distributions

15:18 – Roth conversions

18:06 – Qualified charitable distribution

20:23 – Qualified retirement accounts

 

“Who knows what’s going to be happening to tax rates next year.”

-Matt Hausman

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