The IRS recently issued a new fact sheet to answer certain FAQs about the rules in SECURE 2.0 Act of 2022 (the “Act”) that give special rights under certain qualified retirement plans and IRAs to individuals impacted by major disasters that occur or occurred on or after January 26, 2021. The Act was enacted in December 2022 and amended certain sections of the Internal Revenue Code (the “Code”).
These FAQs provide guidance on what the relief consists of, who may claim such relief, and when such relief may be claimed. Relief of this nature has previously been provided on a disaster-by-disaster basis. These amendments make such relief permanent. The FAQs may be found here.
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