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hiddencat
New Member

Since COVID-19 is a federally qualified major disaster for my state, does that mean I live in a Qualified Disaster Area?

My state and county list COVID-19 as a Major Disaster Declaration. Does that mean I life in a Qualified Disaster Area? The "learn more" button doesn't really answer that question.
3 Replies
Mike9241
Level 15

Since COVID-19 is a federally qualified major disaster for my state, does that mean I live in a Qualified Disaster Area?

no it has to b a federally declared disaster area and I don't know of any area that has so declared due to Covid.

 

Opus 17
Level 15

Since COVID-19 is a federally qualified major disaster for my state, does that mean I live in a Qualified Disaster Area?

That’s a surprisingly complex question to answer. It appears that the coronavirus is a federal disaster under certain sections of the tax law but not a qualified natural disaster under certain other sections of the tax law.  For example, the coronavirus by itself, does not entitle you to take a casualty or theft loss. Those losses are limited to federally qualified natural disasters and you can see a list of them here.

 

https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

 

There are of course, a number of special tax relief provisions specifically for the coronavirus, including the ability to defer taxes on withdrawals from retirement plans needed to pay for coronavirus expenses and the ability to make repayment to those retirement plans within three years instead of 60 days.

 

 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
fanfare
Level 15

Since COVID-19 is a federally qualified major disaster for my state, does that mean I live in a Qualified Disaster Area?

Answer carefully the TurboTax questions about your 1099-R (if any), which will weave you  through these nuances.

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