In This Issue—Spring 2020

• University of Illinois System Unites to Fight COVID 19
• CARES Act Provides Relief for Individuals and Businesses
• Required Minimum Distributions Waived in 2020
• New Charitable Deduction Available for Non-itemizers
• Deduction Limits Increased for Cash Gifts
• Penalties Waived for Retirement Account Withdrawals
• Increased Charitable Deduction Limits for Corporations

Penalties Waived for Retirement Account Withdrawals

If you are under the age of 59½ and withdraw money from your retirement plan to cover expenses incurred by you or a family member related to treatment of the coronavirus, the 10% tax penalty will not apply, taxation of the distribution can be spread over three years, and you can return the amount you withdrew to the fund later without regard to contribution limits.