The CARES Act waives the 10% penalty for early withdrawals from account holders of 401(k) and IRAs if they qualify as coronavirus distributions. If you qualify under the stimulus package (see above) and your company permits hardship withdrawals, you'll be able to access your 401(k) funds without penalty.
The distributions generally are included in income ratably over a three-year period, starting with the year in which you receive your distribution. For example, if you receive a $9,000 coronavirus-related distribution in 2020, you would report $3,000 in income on your federal income tax return for each of 2020, 2021, and 2022. However, you have the option of including the entire distribution in your income for the year of the distribution.
A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRAs.
If you are a qualified individual, you may designate any eligible distribution as a coronavirus-related distribution as long as the total amount that you designate as coronavirus-related distributions is not more than $100,000. As noted earlier, a qualified individual may treat a distribution that meets the requirements to be a coronavirus-related distribution as such a distribution, regardless of whether the eligible retirement plan treats the distribution as a coronavirus-related distribution. A coronavirus-related distribution should be reported on your individual federal income tax return for 2020. You must include the taxable portion of the distribution in income ratably over the 3-year period – 2020, 2021, and 2022 – unless you elect to include the entire amount in income in 2020.
In general, section 2202 of the CARES Act provides for expanded distribution options and favorable tax treatment for up to $100,000 of coronavirus-related distributions from eligible retirement plans (certain employer retirement plans, such as section 401(k) and 403(b) plans, and IRAs) to qualified individuals, as well as special rollover rules with respect to such distributions. It also increases the limit on the amount a qualified individual may borrow from an eligible retirement plan (not including an IRA) and permits a plan sponsor to provide qualified individuals up to an additional year to repay their plan loans.
It is optional for employers to adopt the distribution and loan rules of section 2202 of the CARES Act. An employer is permitted to choose whether, and to what extent, to amend its plan to provide for coronavirus-related distributions and/or loans that satisfy the provisions of section 2202 of the CARES Act. Thus, for example, an employer may choose to provide for coronavirus-related distributions but choose not to change its plan loan provisions or loan repayment schedules. Even if an employer does not treat a distribution as coronavirus-related, a qualified individual may treat a distribution that meets the requirements to be a coronavirus-related distribution as coronavirus-related on the individual's federal income tax return. See section 4.A of Notice 2005-92.
In general, it is anticipated that eligible retirement plans will accept repayments of coronavirus-related distributions, which are to be treated as rollover contributions. However, eligible retirement plans generally are not required to accept rollover contributions. For example, if a plan does not accept any rollover contributions, the plan is not required to change its terms or procedures to accept repayments.
Discussions with health department staff are confidential. This means that your personal and medical information will be kept private and only shared with those who may need to know, like your health care provider.
Yes. If you receive VA disability or pension benefits, you'll automatically get your second stimulus check. This check is also called an economic impact payment. The Internal Revenue Service (IRS) will send your check even if you don't file tax returns.
You don't need to do anything.
Coronaviruses are a large family of viruses that can cause illness ranging from the common cold to more severe diseases. A “novel” coronavirus (nCoV) is a new strain that has not been previously identified in humans.
If both of you are healthy and feeling well, are practicing social distancing and have had no known exposure to anyone with COVID-19, touching, hugging, kissing, and sex are more likely to be safe.
CDC uses the IZ Data Lake to receive, store, manage, and analyze COVID-19 vaccine distribution and administration data from all sources. Data in the IZ Data Lake are deidentified, meaning they do not identify specific people who have been vaccinated.
While the flu shot won't protect you from developing COVID-19, it's still a good idea. Most people older than six months can and should get the flu vaccine. Doing so reduces the chances of getting seasonal flu.
COVID-19 can affect anyone, and the disease can cause symptoms ranging from mild to very severe. For some other illnesses caused by respiratory viruses (such as influenza), some people may be more likely to have severe illness than others because they have characteristics or medical conditions that increase their risk. These are commonly called “risk factors.” Examples include older age or having certain underlying medical conditions.
Most tests to diagnose COVID-19 require a swab of your nose, or the part of the throat behind the nose, by a health care provider. A few tests use saliva (spit) or other types of collection methods. For most tests, the swab or sample must be sent to a lab for analysis.
Since the earliest days of the pandemic, doctors treating people with COVID-19 noticed that a sudden loss of smell was a hallmark of the illness. As the vast majority of our sense of taste derives from our sense of smell, these COVID-19 patients also may have experienced a loss of taste as well.
The IRS began rolling out Economic Impact Payments in April 2020. For most people, you won't have to do anything – the payment will be directly deposited into your bank account or sent to you by check or prepaid debit card.
Be aware, however, that if it's sent by check, it might take a little longer.
CDC is not able to reimburse travelers for COVID-19 testing fees. You may wish to contact your insurance provider or the location that provided your test about payment options.
The requirements for returning to work may be determined by your employer or your state and local governments. Ask your employer about your workplace's criteria for returning to work and any actions your employer will be taking to prevent or reduce the spread of COVID-19 among employees and customers.
COVID-19 is a nationally notifiable disease, and when diagnosed or identified, must be reported by healthcare providers and laboratories to STLT health departments. Health departments are responsible for leading case investigations, contact tracing, and outbreak investigations. Case investigation is the identification and investigation of individuals with confirmed and probable diagnoses of a reportable communicable disease, such as COVID-19. Contact tracing follows case investigation and is a process to identify, monitor, and support individuals who may have been exposed to a person with a communicable disease, such as COVID-19. Health departments also administer communicable disease control measures within their jurisdictions to protect public health.
If an employee is confirmed to have COVID-19, employers should inform fellow employees of their possible exposure to COVID-19 in the workplace but maintain confidentiality as required by the Americans with Disabilities Act (ADA). Those who have symptoms should self-isolate and follow CDC recommended steps.
Employers should not require sick employees to provide a COVID-19 test result or a healthcare provider’s note to validate their illness, qualify for sick leave, or to return to work. Healthcare provider offices and medical facilities may be extremely busy and not able to provide such documentation in a timely manner.
Employees should not return to work until they meet the criteria to discontinue home isolation and have consulted with a healthcare provider. Employers should not require a sick employee to provide a negative COVID-19 test result or healthcare provider's note to return to work.
If you decide to actively screen employees for symptoms rather than relying on self-screening, consider which symptoms to include in your assessment. Although there are many different symptoms that may be associated with COVID-19, you may not want to treat every employee with a single non-specific symptom (e.g., a headache) as a suspect case of COVID-19 and send them home until they meet criteria for discontinuation of isolation.
Consider focusing the screening questions on “new” or “unexpected” symptoms (e.g., a chronic cough would not be a positive screen). Consider including these symptoms:
• Fever or feeling feverish (chills, sweating)
• New cough
• Difficulty breathing
• Sore throat
• Muscle aches or body aches
• Vomiting or diarrhea
• New loss of taste or smell
• Give employees enough time to wash and dry their hands, and provide accessible sinks, soap, water, and a way to dry their hands (e.g., paper towels, hand dryer).
- Remind employees to wash their hands often with soap and water for at least 20 seconds. If soap and water are not available, they should use hand sanitizer with at least 60% alcohol.
- Provide hand sanitizer to inspectors for use in the field.