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SC information letter #21-15
South Carolina Department of Revenue
South Carolina Department of Revenue
Files
Abstract
Federal Tax Relief Treatment of COVID-Related Distributions from Retirement Plans under the CARES Act - On March 27, 2020, Congress enacted the CARES Act, another emergency relief package in response to the COVID pandemic. It provides significant financial relief and assistance to individuals and businesses, including tax relief. Section 2202 of the Act, “Special Rules for Use of Retirement Funds,” provides “qualified individuals” favorable tax treatment with respect to coronavirus-related distributions made on or after January 1, 2020, and before December 31, 2020, from an eligible retirement plan.
Issue Date
6/2/2021
Keywords
South Carolina Department of Revenue--Periodicals, COVID-19 Pandemic, 2020---South Carolina, Individual retirement accounts--South Carolina
Type
Text
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