Emergency Funds in the Wake of the Coronavirus

Tax Notes State, Vol. 96, No. 1, pp. 65-66, April 6, 2020

3 Pages Posted: 4 Jun 2020

See all articles by Margaret Ryznar

Margaret Ryznar

Indiana University Robert H. McKinney School of Law

Date Written: April 6, 2020

Abstract

The CARES Act targeting the economic effects of the COVID-19 pandemic allows taxpayers to withdraw up to $100,000 from their retirement savings, such as section 401(k) plans, without the typical 10% penalty for early withdrawal. However, retirement accounts do not make for ideal emergency funds. This Article therefore advocates that future legislation should incentivize separate savings funds.

Keywords: COVID-19, coronavirus, pandemic, CARES Act, savings, retirement

Suggested Citation

Ryznar, Margaret, Emergency Funds in the Wake of the Coronavirus (April 6, 2020). Tax Notes State, Vol. 96, No. 1, pp. 65-66, April 6, 2020. Available at SSRN: https://ssrn.com/abstract=3590020

Margaret Ryznar (Contact Author)

Indiana University Robert H. McKinney School of Law ( email )

530 West New York Street
Indianapolis, IN 46202
United States

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