In the weeks after Hurricane Harvey made landfall, Congress passed the Cruz-Cornyn-Rubio bill, which provided crucial tax relief for hurricane survivors. An important part of this bill eliminated the tax penalty for hurricane survivors who wanted to withdraw from retirement accounts to pay for the costs of repairs storm damages.
Such qualified retirement account withdrawals must be made by December 31, 2018 – a deadline that is quickly approaching.
If you are still in the process of rebuilding and recovering from the ravages of Harvey, contact your tax advisor for more information.
The IRS also provides information on this and other Harvey-related programs at this link.
Thousands of families in the Lake Houston area suffered hurricane-related damage during Harvey and could qualify. Hardly anyone finished Harvey-related repairs before this year. So check this out if you haven’t already. Remind your friends, neighbors and relatives. Every little bit helps. Only 22 tax-relief days left till New Years!
Posted by Bob Rehak on December 9, 2018
467 Days since Hurricane Harvey