Natural Disasters and Taxes (2019)

Hey all! Here is your Tip.

This is for anyone who has been affected by any of the Natural Disasters over the last couple of years and had to DI into that Retirement fund, please read:

Laws enacted in 2017 and 2018 make it easier for retirement plan participants to access their retirement plan funds to recover from disaster losses incurred in federally declared disaster areas in 2016, 2017 and 2018.

This disaster relief may allow affected taxpayers to:

  • waive the 10% additional tax on early distributions
  • include a qualified hurricane distribution in income over a 3-year period
  • repay their distributions to the plan
  • have expanded loan availability
  • extend the loan repayment period

Let your Tax Professional know if this is you OR Contact me for more information.⠀⠀

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