Do I qualify for a COVID retirement withdrawal?
Updated 9:30 PM;
Q. I manage a retail establishment and we need to meet a company quota to get a bonus. We did not meet our quota. However, the company gave us 70% of our bonus instead of the 100%. I am assuming COVID affected our sales. I withdrew money from my 401(k) as a COVID distribution and I want to use the funds to pay some of my daughter’s college loan and probably for a down payment on a home. I have no way of proving that. Should I be paying the 10% penalty on my 401(k) because I have no way of proving the bonus was smaller because of COVID?