532807
I am in an area affected by Hurricane Irma in Florida.
You'll need to sign in or create an account to connect with an expert.
The IRS didn't waive early-distribution penalties, but a new law makes qualified hurricane distributions from IRAs and qualified retirement plans exempt from early-distribution penalties. HR 3823 was signed into law by the President on September 29, 2017, providing relief from section 72(t) penalties for qualified hurricane distributions.
https://www.congress.gov/bill/115th-congress/house-bill/3823
See Sec. 501 and 502.
The IRS didn't waive early-distribution penalties, but a new law makes qualified hurricane distributions from IRAs and qualified retirement plans exempt from early-distribution penalties. HR 3823 was signed into law by the President on September 29, 2017, providing relief from section 72(t) penalties for qualified hurricane distributions.
https://www.congress.gov/bill/115th-congress/house-bill/3823
See Sec. 501 and 502.
Sorry, no they didn't.
The IRS is easing the rules on loans and hardship withdrawals from qualified employer plans like 401(k) and 403(b). However, such withdrawals are still subject to the 10% penalty. https://www.irs.gov/newsroom/like-harvey-retirement-plans-can-make-loans-hardship-distributions-to-v...
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
georgejur
Level 2
kpolo
New Member
ashley-foxworth
New Member
theHighwayman
Returning Member
eshlnbrgr
Returning Member