CARES Act $100k loans

Technical topics regarding tax preparation.
#1
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679
Joined:
30-May-2014 1:43pm
Location:
MA
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
 

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