Quick Bites:
- Eligible persons can distribute up to $100,000.00 in 2020 without penalty.
- Eligible persons/accounts may borrow up to $100,000.00 in 2020 against their eligible accounts.
- Employer certifies the employee is eligible. (Employer based plans)
- Repayment of the funds received are spread out over 3 years, without penalty. ((the annual contribution limit does not apply when reimbursing the account))