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As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take a certain “coronavirus-related distribution” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or…
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Health Reimbursement Accounts, also known as HRAs, are a type of health care benefit that can be offered to employees and their dependents. These employer-funded accounts are used to reimburse eligible medical expenses. All reimbursements are excluded from the employee’s taxable income and are deductible by the employer. However, to participate in a traditional HRA,…
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