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IRS Tax Tips Jan. 13, 2025
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Issue Number: Tax Tip 2025-04
*Access retirement funds in a disaster*
The SECURE 2.0 Act makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings.
*Eligibility*
A taxpayer may be eligible for relief that provides for expanded access to their retirement funds if their principal residence was in a major disaster area and they sustained an economic loss due to that disaster. An economic loss includes, but is not limited to:
* Being displaced from the taxpayer’s principal residence.
* Loss or damage to or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause.
* Lost income due to temporary or permanent layoff.
Use the tool on FEMA.gov/Disaster [ [link removed] ] to find a current list of major disaster declarations.
*Types of relief*
These types of disaster relief are available to people who qualify:
* May withdraw up to $22,000 from an IRA or other eligible retirement plan.
* Amount exempt from the 10% early distribution tax.
* May repay to a retirement plan or IRA within three years of the distribution.
* Distribution may be included equally in income over three years.
* A retirement plan may offer increased loan limits and delay repayments.
*The IRS is here to help*
For questions and assistance, call the IRS disaster hotline at 866-562-5227.
*More information*
* Disaster relief FAQs: Retirement plans and IRAs under the SECURE 2.0 Act of 2022 [ [link removed] ]
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