$5,000 Penalty Free Distribution From An IRA or 401(k) After The Birth Of A Child or Adoption

Описание: New parents have even more to be excited about in years 2020+. On December 19, 2019, Congress passed the SECURE Act, which now allows parents to withdraw up to $5,000 out of their IRA’s or 401(k) plans following the birth or adoption of their child without having to pay the 10% early withdrawal penalty. To take advantage of this new distribution option, parents will need to know:

• Effective date of the change
• Taxes on the distribution
• Deadline to make the withdrawal
• Is it $5,000 for each parent or a total per couple?
• Do all 401(k) plans allow these types of distributions?
• Is it a per child or is it a one-time event?
• Can you repay the money to your retirement account at a future date?
• How does it apply to adoptions?

This video will provide you with answers to these questions and also provide families with advanced tax strategies to reduce the tax impact of these distributions.

Contact Michael Ruger with Questions: 518-477-6686 or [email protected]
Visit our website: https://www.greenbushfinancial.com/
Subscribe to our channel for more financial planning tips:    / @greenbushfinancialgroup  

#401k #ira #retirementplans #financialplanning #greenbushfinancial