What is the official ID of this bill?
The official print number for this legislation is S 3043.
Tax Relief and Retirement Access for 2023 Major Disaster Victims
This law establishes special tax provisions for individuals affected by major disasters declared in 2023. It allows victims easier access to their retirement savings without incurring early withdrawal penalties, with the option to spread the resulting income tax over three years. Crucially, it also simplifies the deduction process for personal property losses caused by the disaster.
Key points
Allows withdrawal of up to $100,000 from retirement accounts (like 401k or IRA) without the standard 10% early withdrawal penalty for disaster relief.
Withdrawn funds can be repaid to the retirement account within three years, treating the transaction as a tax-free rollover.
Taxpayers can deduct disaster-related personal property losses even if they take the standard deduction, providing financial relief without itemizing.
Increases the maximum retirement plan loan limit to $100,000 and allows a one-year delay on existing loan repayments for affected individuals.
Status:
Expired
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