The U.S. Treasury and Internal Revenue Service have issued guidance relating to provisions of the Katrina Emergency Tax Relief Act of 2005 that allow Hurricane Katrina victims to access employer-sponsored retirement plans and IRAs.
Under one provision of the bill, individuals who live in one of the four states affected by Hurricane Katrina, and who suffered an economic loss as a result of that hurricane, will receive favorable tax treatment on early distributions from eligible retirement plans.
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