Wednesday, June 17, 2020
Margaret Ryznar (Indiana-McKinney), Emergency Funds in the Wake of the Coronavirus, 96 State Tax Notes 65 (Apr. 6, 2020):
The CARES Act targeting the economic effects of the COVID-19 pandemic allows taxpayers to withdraw up to $100,000 from their retirement savings, such as section 401(k) plans, without the typical 10% penalty for early withdrawal. However, retirement accounts do not make for ideal emergency funds. This Article therefore advocates that future legislation should incentivize separate savings funds.
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