Form 4684 is now available. It was delayed due to changes in a tax law concerning casualty losses that was signed into law on December 20, 2019.
The disaster relief portion of the law provides special tax relief for individuals and businesses in Presidentially-declared disaster areas occurring between January 1, 2018 and 30 days following the date of enactment of the law. Here are some of the provisions providing relief:
Special Rules for Qualified Disaster-Related Personal Casualty Losses – If you were a disaster victim, the provision eliminates the current law requirement that personal losses have to exceed 10% of adjusted gross income and eliminates the requirement that you have to itemize your tax deductions in order to claim your casualty loss.
Eased Access to Retirement Funds – If you were a hurricane victim, you will not be subject to the 10% early plan withdrawal penalty for qualified disaster relief distributions from retirement funds up to $100,000. If you had to cancel your home purchase as a result of an eligible disaster, you can also re-contribute your retirement plan withdrawal for home purchases or construction and avoid the tax on the plan withdrawal.
Special Rules for Determining Earned Income Tax Credit and Child Tax Credit – If you were in a designated disaster area, you can use income from 2018, if it is lower, to qualify for the Earned Income Tax Credit and the Child Tax Credit.
Automatic Extension Filing Deadline – If your principal place of residence or business is located in a disaster area, you are automatically granted a 60-day tax filing extension.
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