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