Vanessa A
Expert Alumni

Retirement tax questions

No, it does not qualify as a disaster.  A disaster is something like a major flood or the wildfires.  Losing your job allows you to take a withdraw and allow the exemption if you are over 55.  

 

There is a $1,000 emergency personal expense allowance which is allowed to be taken one time per year.  This start December 1, 2024.  You will be able to enter that in a screen several screens after it asks about the disaster distribution. 

 

Exemptions to tax on early distributions

 

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