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dayala0117
March 26, 2025
Question

What is considered disaster distribution occurred in 2021-2023

  • March 26, 2025
  • 1 reply
  • 0 views
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1 reply

LindaS5247
LindaS5247
March 26, 2025

A distributions from your retirement plans due to qualified disasters and repayments. You can spread the taxable portion of these distributions over three years and waives the early withdrawal penalty in the year of the disaster.

 

When an event is declared a disaster by the president, the IRS will postpone some retirement plan and IRA deadlines for taxpayers in affected areas. These disasters are usually hurricanes, tornados, flooding, earthquakes, and wildfires.

 

This was also done for COVID in 2020.

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