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You’re going through major financial hardships due to COVID-19 such as losing your job, a delayed start date for a new job, a job offer that gets rescinded, furlough, a reduction in hours, closing of your business or you can’t work due to lack of childcare.

Tax implications: Even though you’re avoiding the 10% early distribution penalty, you will still be subjected to income taxes on that money. Remember: money deposited into a traditional IRA is taxed when it’s withdrawn — not when it’s contributed. So, however much money you withdraw will be added to your annual income, and you’ll be taxed on that accordingly. That could put you in a different tax bracket and dramatically change how much you owe in taxes. 

With unemployment levels still high and millions of workers furloughed or working fewer hours than before, this major rule change could help bring much-needed relief to the increasing number of Americans financially impacted by the . Of course, drawing on retirement funds is something to avoid if possible — but as the government continues to wrestle over the details of an additional stimulus package and other sources of funding dry up, borrowing from a retirement account may become an appealing option. 

If you meet the criteria, you have until the end of 2020 to make a qualified distribution of up to $100,000 — per person — without incurring the 10% tax penalty. Keep in mind that although these would be penalty-free withdrawals, you’ll still owe income taxes on them. But you can spread out what you owe over the course of three years.

Online lenders  There are lots of personal loans available online that more reasonable interest rates. Even if you have less-than-stellar credit, some lenders may look beyond your= credit score when evaluating eligibility. 

Taking money from your future self: The standard advice is to leave your retirement account alone until you’re retired. The earlier you start saving for retirement and the more you can contribute, the more it compounds over time. Any time you take funds out before you need them, you’re taking money away from your future (retired) self. If you can avoid it, you should. 

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For the millions of Americans living paycheck to paycheck, running out of money is a constant, looming concern. Approximately 12 million people take out short-term, unsecured loans — sometimes called “payday” loans — every year, according to the Federal Reserve Bank of St. Louis. And though these loans may help them survive until they receive their next paycheck, they also exact a steep toll. Still, with millions of Americans due to the , many will continue to depend on this dangerous financial tool. 

The way the Social Security tax works is that 6.2% is deducted from an employee’s paycheck. That same amount is also required to be paid by the employer, making a total of 12.4% sent to the IRS. A payroll tax cut would mean that employees and employers would be exempt from paying this tax during the set “holiday” period, potentially making your paycheck larger (though there’s a catch — more below).

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It’s also worth noting that payday loan lenders tend to target people who live in areas where poverty rates are high and income levels are low — as well as minorities and economically disadvantaged groups, who may have traditionally had greater difficulty qualifying for conventional loans, according to a study by the St. Louis Fed.

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How could the holiday impact Social Security funding?  The president said in a press briefing on Aug. 12 that Social Security will receive funding from the General Fund, which is the country’s account to pay for the daily operations of the government. What happens after the holiday will seemingly depend on who wins the upcoming election. Trump said he would consider removing the payroll tax in January of next year. 

UPS, CVS, and Highly recommended Internet site Wells Fargo are part of the growing number of companies that won’t participate in the payroll tax holiday, according to a Friday report from The Wall Street Journal. It’s not just businesses who are opting out. The House of Representatives and the US Postal Service decided not to partake in the holiday. California, Arizona, Kansas and several more states also won’t participate. 

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