CARES Act - 457B Plan Withdrawal of $100,000
I have a 457B Plan and would like to know if I am eligible under the CARES Act as a real estate investor to withdraw $100,000 from my 457B Plan. Assuming My State job is unaffected by COVID-19, does anyone know if I can qualify for a hardship withdrawal based upon also being a real estate investor impacted by COVID-19?
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Important to note -
To qualify for this at all you have to show a hardship as a result of covid. Either medically or financially.
Also, even though you have 3 yeras to return it tax free that's now how the actual process functions.
In the first 1 years on your taxes you will pay the tax on that 1/3 portion of the income from the withdraw- if you return it to a qualified plan by year 3 then you have to go back and Amend those earlier years to request a refund for the taxes paid.
