If you find yourself out of a job due to the coronavirus crisis, money may be tight, but it’s especially important now to try to make sure you have health insurance. investinyou (In partnership with acorns.)
"If your normal income for the year is around $60,000 and now you've made $15,000 through the first quarter of the year, you're going to get a very nice tax credit to pay for health insurance, so don't go COBRA," said Dr. Carolyn McClanahan, director of financial planning at Life Planning Partners.
Under the financial hardship withdrawal, the IRS allows you to take up to $100,000 out of an individual retirement account, without the 10% early withdrawal penalty. You then have up to three years to pay the money back into the IRA without incurring taxes on the withdrawal.
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