CARES Act Relaxes Tax Rules for 401K and IRA Withdraws
Many of you out there need cash, cash for expenses or cash for investments.
The CARES Act does have some great nuggets to look into.
For example, did you know you may be able to withdraw up to $100,000 from your retirement account without paying a penalty until the end of 2020? Most Americans don’t and less than 3% have taken advantage of this limited-time offer.
I recommend you be very careful taking retirement money for expenses, but tapping into it for investments can be an outstanding opportunity to grow from a source you didn’t have available in the capacity you do now.
The CARES Act, passed by Congress in March of 2020, aimed to provide much needed relief to businesses and Americans impacted by the Covid-19 pandemic. It allows people who have been financially affected by corona virus to access retirement money without taking as much of a tax hit as usual, or borrow an increased amount from retirement accounts with a longer repayment period.
You can get an idea of how these relaxed guidelines work and whether you’re eligible by checking out the IRS FAQ page on this option. You can read more about the changes here.
We love tax liens becoming houses because that’s the biggest bang for your buck, but however you’re getting deals, get more!
Just make sure you don’t waste it on unproven marketing. The last thing you want to do is experiment with advertising that fails, leaving you holding the bag with no deal.
That’s another reason why we like tax liens. NO MARKETING! Buy the right tax liens and they make you money with high interest, or you get a house and make even more money.
AND, there is a slick way to assign the tax lien to someone else and give them ONLY the interest. You get your capital back AND keep the right to buy the house if the tax lien doesn’t redeem.
You can get dozens of chances at houses with just a little bit of capital!
Cool with that?
It’s super fantastic, so the answer should be yes!
Regardless of your investment model, you should check out if it applies to you.
Once again, you can get an idea of how these relaxed guidelines work and whether you’re eligible by checking out the IRS FAQ page on this option. You can read more about the changes here.
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