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Retirement tax questions
First of all do not be confused- your distribution was from a 401(k) NOT an IRA. It makes a bug difference.
There is a one distribution per calendar year for personal or family emergency expenses, up to the lesser of $1,000 or vested account balance over $1,000 (made after 12/31/2023)
For the Disaster recovery distribution: A qualified disaster recovery distribution is a distribution to a qualified individual that is made from an eligible retirement plan on or after the first day of the incident period of a qualified disaster and before the date that is 180 days after the latest of the following three dates:
- Dec. 29, 2022
- The first day of the incident period with respect to the qualified disaster, or
- The date of the disaster declaration with respect to the qualified disaster.
See Access retirement funds in a disaster | Internal Revenue Service.
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‎April 15, 2025
5:43 PM