Retirement Plans Newsletter
BULLETINMay 3, 2024
[Guidance Overview]
"This fact sheet issues frequently asked questions about SECURE 2.0 Act of 2022 (SECURE 2.0) that provides for special rules for distributions from retirement plans and individual retirement arrangements (IRAs) and for retirement plan loans, for certain individuals impacted by federally declared major disasters.... [These FAQs] will not be relied on or used by the IRS to resolve a case.... [A] taxpayer who reasonably and in good faith relies on these FAQs will not be subject to a penalty that provides a reasonable cause standard for relief, including a negligence penalty or other accuracy-related penalty, to the extent that reliance results in an underpayment of tax.'
18 Q&As divided into [1] General information; [2] Taxation and reporting of qualified disaster recovery distributions; [3] Repayment of qualified distributions taken for the purpose of purchasing or constructing a principal residence in a qualified disaster area; and [4] Loans from certain qualified plans. MORE >>
Internal Revenue Service [IRS]
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BenefitsLink ® Retirement Plans Newsletter, ISSN no. 1536-9587.
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