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70 Hour Approval
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 4478667" data-attributes="member: 12570"><p>Yes. They are waiving the 10% early withdrawal penalty (under 59 1/2) and the 20% mandatory withholding. Yes. You are allowed to spread the tax hit on the early distribution over the next 3 tax years. Yes. You can withdraw a total of $100K. </p><p></p><p></p><p>The one caveat is that the withdrawal must be Covid related and you must have documented proof that either you or a close family member had been adversely affected during the crisis.</p><p></p><p>This should be done ONLY as a last resort. $100K taken out now could potentially cause upward of a $300-500K loss over time.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 4478667, member: 12570"] Yes. They are waiving the 10% early withdrawal penalty (under 59 1/2) and the 20% mandatory withholding. Yes. You are allowed to spread the tax hit on the early distribution over the next 3 tax years. Yes. You can withdraw a total of $100K. The one caveat is that the withdrawal must be Covid related and you must have documented proof that either you or a close family member had been adversely affected during the crisis. This should be done ONLY as a last resort. $100K taken out now could potentially cause upward of a $300-500K loss over time. [/QUOTE]
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