CARES Act - What you need to know about your IRA

In order to combat the many economic implications of the coronavirus pandemic, a monumental emergency funding bill has been passed. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) aims to provide relief to American citizens and businesses through a variety of financial measures. One particular focus of the bill is on how Americans can use their retirement accounts during a potential time of need. This post will focus on 3 measures related to IRA accounts; Required Minimum Distributions, early distributions, and special tax treatment of distributions. The first of the provisions apply to all Americans while the second and third apply only to those directly affected by the virus (defined below.)