A man with a mask pushes a cart with a sign reading corpse cartte at Times Square in Manhattan on March 17, 2020 in New York City.
Johannes Eisele | AFP | Getty Images
Americans of all ages are facing financial stress from the coronavirus, which already has caused a stock market crash, lost wages and mounting layoffs. Whether you are retired or near retirement, a freelancer with complicated taxes, or a college student sent home from school, here are answers from CNBC’s Sharon Epperson to some of the critical questions to stay financially sound at a time of unprecedented challenges.
1. Is the federal government going to allow penalty-free withdrawals from 401(k)s and IRAs?
Generally, if you take a distribution from an IRA or 401(k) before age 59 1/2, you will likely owe both federal income tax (taxed at your marginal tax rate) and a 10% penalty on the amount that you withdraw, in addition to any state income tax in some cases.
We haven’t heard anything definitive yet on providing an…
