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Hurricane exceptions

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Bychuckles8888

L1: Hurricane exceptionsI heard there might be some exceptions for the victims of the hurricanes this year. I was in a declared disaster area and would be interested in being able to withdraw some IRA funds without the penalty. Where can I find this info?2005-11-11 01:23, By: chuckles8888, IP: [69.149.179.120]
L2: Hurricane exceptionsGo here:
http://216.251.241.186/IRA/IRA_Articles/9_27_05.html
Regards,
gus2005-11-11 06:43, By: gus, IP: [70.110.158.150]

L2: Hurricane exceptionsThe documents only talk about Katrina. I was in Rita. Is the law only for Katrina?2005-11-11 17:49, By: chuckles8888, IP: [69.149.179.120]

L2: Hurricane exceptions
Go here forKatrina, Rita, and Wilma tax relief information:
http://www.irs.gov/newsroom/article/0,,id=147085,00.html
2005-11-12 00:44, By: gus, IP: [70.110.208.70]

L2: Hurricane exceptionsBasically, if you were under extension at the time of the disaster. or any payments or filings were due after they occurred, then the filing or payments have been extended to 2/28/2006 for all 3 disaster victims. And all interest and penalties will be waived if the tax returns and/or payments are made by that date.Similarly, 10% penalties for all early distributions have been waived for those victims. Lastly, the casulty losses can be deducted on the forthcoming tax return for 2005 filed in 2006, but more importantly it could be taken on a yet unfiled 2004 tax return, or by amending a 2004 tax return that was already filed. Also, the $100 per casulty, and 10% threshold for casualty loss deductions have been waived.
If you are affected, get thesummary and instructions to study how it affects your specific situation.2005-11-13 00:29, By: dlztaxes, IP: [4.175.9.184]

L2: Hurricane exceptionsWell, I read the IRS page and it seems to deal with late filing and other stuff besides IRA penalties. So I called them. They had NO CLUE what I was talking about. I called my congressman and he said that it was passed for Katrina, but not YET for Rita. I don’t know if anything will be done(LOL) before New Years. I am running out of time to take money out for this year. If I take out too much, I will have to pay tax AND penalty. Right now I pay just penalty because I have enough deductions to not pay tax. I don’t mind the tax and I don’t mind the penalty, but I do mind both.2005-12-12 14:19, By: chuckles8888, IP: [69.149.179.99]

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