Retirement Plan Disaster Assistance May Be Available for Virgin Islands Tropical Storm Ernesto
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on October 25, 2024, for Virgin Islands Tropical Storm Ernesto, for the incident period of August 13 – August 16, 2024.
For a limited period of time following a disaster declaration, eligible IRA owners and employer plan participants may take qualified disaster recovery distributions and recontribute qualified home purchase distributions that they recently received. In addition, plan participants may qualify for plan loan relief and additional hardship distributions.
Visit the FuturePlan disaster relief resource for more information.
Additional IRS Deadline Relief May Be Provided Later
The IRS may also issue relief related to this disaster for certain tax-related deadlines. Additional information can be found at the IRS Tax Relief in Disaster Situations website and will be announced here if such relief is granted.
Taxpayers should review the IRS’ disaster relief frequently asked questions and Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments and its instructions, in addition to consulting with their tax advisor to understand the impact of the various disaster related options on their own situation.
