Husband and wife are both physicians and make decent $$$. They want to buy new home and move quickly. They each want to take $100k from their former 403b plans and use it to purchase a new home. Money will be paid back when they sell their current home.
Questions
1. Can they take $100k from their old 403b directly and then pay that back or is it a two step process, rollover the 403b to their own IRA's, and then borrow from them.
2. How strict is the IRS going to be when it comes to who is a Covid Victim? Doctors in New England certainly have taken a hit as the hospitals were closed for all but Cornona but the surge never came. Even the ER doctors and physicians assistants are telling us they took a big hit to income. Is the use of the funds to buy a new home an issue? Not exactly what the laws intent was