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If You Withdrew Money From Your IRA During Covid, It Can Pay to Repay It

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While you don’t have to repay any Coronavirus-Related Distributions taken from a retirement account, there is an additional federal tax break if you do. Photo: Ting Shen/Bloomberg News

When the Covid-19 pandemic arrived in 2020, many individuals took advantage of a federal tax break and withdrew money from their retirement accounts. 

If they repay the funds—which isn’t required—by next year, they’ll get another tax break, too.

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