RETIREMENT PLANS
Recent changes in tax law may help those who suffered losses in Hurricane Katrina, if they have funds in certain retirement plans. Check here to see how one may be eligible for tax-favored withdrawals, recontributions and loans.
The IRS has issued guidance on Qualified Hurricane Katrina Distributions under KETRA: IRS Notice 2005-92
The Department of Labor provides guidance on employee pension plan contributions and loan repayments as a result of inquiries from participants, beneficiaries, employers and plan sponsors affected by Hurricane Katrina.
Several federal government agencies are providing relief for certain employee benefits plans because of damage inflicted by Hurricane Katrina. More information on how the plans are affected is available in PDF format.
Extension to File
NEW Extension to File: Individuals and businesses located in specific counties in the Gulf Coast impacted by Hurricane Katrina (not Rita or Wilma) are automatically eligible for extra time to file while taxpayers in other areas, and eligible relief workers who helped with clean-up and recovery, may receive the extension by self-identification. Click here for additional information
