The Internal Revenue Service (IRS) told taxpayers on Friday that victims of Hurricanes Helen and Milton can expect various forms of tax relief, including extensions to file tax returns and assistance with emergency retirement plan withdrawals. I told you.
Residents of hurricane-affected states that had their 2023 filing deadline extended can now file until May 1, which is also the 2024 filing deadline.
Those with retirement plans or individual retirement arrangements may be able to receive special disbursements that are exempt from the 10% early distribution tax, which allows taxpayers to receive up to three years depending on their particular retirement plan. will be able to record additional income.
There is also a catastrophe loss deduction available to individuals and businesses for damaged property not covered by insurance or other forms of reimbursement.
The IRS announced Friday that the tax deadline extension applies to taxpayers in certain affected areas in Alabama, Georgia, Florida, North Carolina, South Carolina, Tennessee and Virginia.
According to the IRS, you can also obtain tax record certificates for lost documents for free.
Other financial institutions have also offered assistance in response to recent weather events.
Immediately after Hurricane Helen, the Federal Reserve announced that more cash would be available to local bank branches in affected areas to ensure customers had cash when they needed it.
“Through the Reserve Bank, we have the ability to ensure that banks have available cash so they can trade even in the event of an extended power outage,” Powell said at an event in Tennessee in late September. We have enough cash to do it.”
Hurricanes Helen and Milton hit the southeastern United States. In recent days, Hurricane Milton hit the state of Florida, and Hurricane Helen crisscrossed the southern states, causing damage as far as Appalachia.
