Today TaxMama hears from Teri in California with this question. “Do you know if there is authority for relief from the 10% penalty on early distribution of IRAs due to the California wildfires?”
Hi Teri,
That’s a good question.
I could have sworn I saw a press release about that earlier this month. It’s not up on the IRS site now.
This is all they are showing for Los Angeles to Santa Barbara and Inland Counties – 2003-2007 fires.
https://www.irs.gov/newsroom/article/0,,id=99114,00.html
Doing several searches, I cannot find a thing. Not even on the White House site
https://www.whitehouse.gov/search/?keywords=wildfire&F_All=Y
California FTB is showing the 2008 relief
https://www.ftb.ca.gov/professionals/taxnews/2008/1208/1208_2.shtml
There is apt to be relief. But I don’t see it yet. I have asked IRS to look into this to find out when they expect to see a Presidential declaration to grant relief.
And remember, you can find answers to all kinds of questions about disaster relief and other tax issues, free. Where? Where else? At TaxMama.com.
[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
- IRS disaster area information :: Southern California reports
- The White House website :: searching for Presidential declarationson California wildfires
- California Franchise Tax Board :: Searching for 2009 wildfire relief – only found 2008 data
- FEMA :: Master List of Declared Disasters
File Download (0:00 min / 0 MB)
