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IRS Issues Guidance on Withdrawals for Domestic Abuse Victims
RPAG 
[Guidance Overview] Aug. 19, 2024 "[V]ictims of domestic abuse can now withdraw funds from their retirement plans without incurring the usual early withdrawal penalty. To qualify, the withdrawal must be made within one year of the individual being victimized by domestic abuse from a spouse or domestic partner. [Notice 2024-55] elaborates on several key points: [1] Definition of domestic abuse victim distributions.... [2] Eligible retirement plans.... [3] Dollar limitation." MORE >> |
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