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If Your Home Was Damaged by a Natural Disaster, Leveraging Your Retirement May Not Be Such a Bad Idea Anymore
Benefit Resources, Inc.
[Guidance Overview] Sept. 7, 2023 "Section 331 [of SECURE 2.0] makes the following changes: [1] Exempts up to $22,000 per disaster from the federal 10% early withdrawal penalty. [2] Spreads the tax liability for the withdrawal over the course of three years, and [3] Gives the participant the opportunity to repay the money to the plan to offset the tax liability. This relief applies to qualified plans with respect to any federally declared disaster occurring on or after January 26, 2021." |
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