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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Taxpayer took an early distribution from a 401k to repair his hurricane damaged home in Mexico. He works
Taxpayer took an early distribution from a 401k to repair his hurricane damaged home in Mexico. He works
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peggygallo
Level 2
03-04-2022
03:42 PM
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Taxpayer took an early distribution from a 401k to repair his hurricane damaged home in Mexico. He currently works
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jeffmcpa2010
Level 11
03-04-2022
03:45 PM
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Is there more to your question?
peggygallo
Level 2
03-04-2022
04:00 PM
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Somehow the last part of my question went missing! So here is the queston
Taxpayer took early distrib. from 401k to repair his hurricane damaged home in Mexico. He currently works & lives in the US. Can he take the disaster exemption for this distribution?
jeffmcpa2010
Level 11
03-04-2022
04:12 PM
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I believe that it has to be in a US Federally Declared Disaster Area, and I am thinking that the US did not declare a federal disaster area in another country? (My comment is without research, just conjecture)
qbteachmt
Level 15
03-04-2022
04:23 PM
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"Somehow the last part of my question went missing!"
You limit Title to, well, Title. Then, you put content in the input panel. It won't cut you off.
The 401(k) accepted his claim of financial hardship. That's all you get.
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