This article was published by the IRS.

The SECURE 2.0 Act makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings.

Eligibility

A taxpayer may be eligible for relief that provides for expanded access to their retirement funds if their principal residence was in a major disaster area and they sustained an economic loss due to that disaster. An economic loss includes, but is not limited to:

* Being displaced from the taxpayer’s principal residence.

* Loss or damage to or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause.

* Lost income due to temporary or permanent layoff.

Use the tool on FEMA.gov/disaster to find a current list of major disaster declarations.

Types of relief

These types of disaster relief are available to people who qualify:

* May withdraw up to $22,000 from an IRA or other eligible retirement plan.

- Amount exempt from the 10% early distribution tax.

- May repay to a retirement plan or IRA within three years of the distribution.

- Distribution may be included equally in income over three years.

* A retirement plan may offer increased loan limits and delay repayments.

The IRS is here to help.

For questions and assistance, call the IRS disaster hotline at 866-562-5227.