The SECURE 2.0 Act provides special rules for distributions from retirement plans and for retirement plan loans when taxpayers are affected by federally declared disasters. The IRS has released a fact sheet with frequently asked questions (FAQs) about how the rules work. Prior to the enactment of SECURE 2.0 in 2022, no disaster relief regarding distributions and loans applied for all major disasters. Instead, Congress would enact relief on a disaster-by-disaster or year-by-year basis. Now, ongoing disaster relief is available for distributions and loans in the case of all federally declared major disasters. To read the FAQs: https://bit.ly/3Kd9moR
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