Penalty-Free Retirement Withdrawals for Domestic Abuse Victims
New rules allow domestic abuse victims to withdraw up to $10,000 or 50% of their retirement plan value without penalties. These funds aim to help them escape and rebuild their lives. There is an option to repay the money within three years to avoid taxation.
Key points
Allows penalty-free withdrawals of up to $10,000 or 50% of retirement plan value for domestic abuse victims.
Funds can be withdrawn within one year of experiencing physical, psychological, sexual, emotional, or economic abuse.
Withdrawn amounts can be repaid to the retirement plan within three years to avoid tax implications.
Domestic abuse definition includes control, isolation, humiliation, intimidation, and undermining independent reasoning.
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