IR-2024-132: Treasury, IRS issue frequently asked questions regarding disaster relief related to retirement plans and IRAs?

IRS Newswire

May 3, 2024

Issue Number:? ? IR-2024-132

Inside This Issue

Treasury, IRS issue frequently asked questions regarding disaster relief related to retirement plans and IRAs?

WASHINGTON ?The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2024-19, relating to rules for distributions from retirement plans and IRAs and for retirement plan loans, for certain individuals impacted by federally declared major disasters.?

The FAQs relate to the SECURE 2.0 Act of 2022 (SECURE 2.0) provision that provides for ongoing disaster relief for certain distributions and loans in the case of federally declared major disasters. Prior to the changes made by SECURE 2.0, there was no disaster relief allowing these distributions and loans that applied generally for all major disasters.?

The FAQs are intended to assist individuals, employers, and retirement plan and IRA service providers, and they are divided into four categories:?

General Information
Taxation and Reporting of Qualified Disaster Recovery Distributions
Repayment of Qualified Distributions Taken for the Purpose of Purchasing or Constructing a Principal Residence in a Qualified Disaster Area
Loans from Certain Qualified Plans

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Issue Number:? ? IR-2024-132

Inside This Issue