401K WITHDRAWAL CARES ACT DUE TO LOSS OF RENTAL INCOME

[Neal92]

Dear Community,

My understanding is that the CARES act allows one to remove 100K from their 401K if you can prove financial hardship or have tested positive for COVID-19. The early withdrawal penalty of 10% is waived and the tax due is spread over the course of 3 years rather than one. Has anyone spoken to a tax attorney about this as an option? It seems very reasonable to me.

Like most, I have lost a lot of summer bookings this year and was considering this as an option. I am just a little concerned as, should one be audited in April 2021, and this found to be an illegitimate interpretation, you can't undo the withdrawal.

I'd appreciate anyone's thoughts, 

Neal.