SECURE Act Allows Parents to Withdraw $5,000 from IRA or 401(k) Penalty Free: A Welcome Reprieve for Families Struggling During the Pandemic
By EsqSocial Corporation 01/02/21
February 1, 2021 By: Courtney L. Kelley Overview of the Law: In December 2019, Congress passed the SECURE Act (“Act”), allowing parents to withdraw up to $5,000 out of their IRAs or 401(k) plans following the birth or adoption of a child, without paying the 10% early withdrawal penalty. Although no 10% early withdrawal penalty…...
By: Fairfield and Woods P.C.