With the president signing H.R. 3823-19, is a Harvey victim subject to the 10% retirement withdrawal penalty to offset loss?

[pompanobl]

Does H.R. 3823-19 allow taxpayers to be exept from 10% penalty when withdrawing from retirement if affected by hurricane harvey?  And if so, does turbo tax recognize this in their calculations of taxes due?

[MinhT · Accepted solution]

As a Harvey hurricane victim, you are exempted from the early withdrawal penalty when withdrawing from your retirement plan.

Please read this TurboTax article for more information:

https://blog.turbotax.intuit.com/tax-news/hurricane-victims-get-additional-relief-with-the-disaster-...

[pompanobl]

I read the Legislation the President signed.  It said the amount is capped at 100,000.  I wonder if this means any amount over is given the penalty tax or all the amount if over 100,000?  Anyone know?

[vip-evo]

Turbotax is not ready. It does not let me enter with 10% tax it is calculating much more than 10%.