IRS Extends Tax Filing Deadline for Hurricane Victims Affected by Helene and Milton

IRS Relief Measures for Hurricane Victims

Victims of Hurricanes Helene and Milton can expect various forms of tax relief, including an extension to file taxes and help with emergency retirement plan withdrawals, the Internal Revenue Service (IRS) announced. Residents of hurricane-affected states who received extensions for their 2023 returns can now file as late as May 1, 2025. This is also the deadline for filing 2024 returns.

Emergency Retirement Plan Withdrawals

Individuals with retirement plans or individual retirement arrangements may be eligible for a special disbursement that is exempt from the 10-percent early distribution tax. This allows taxpayers to manage their extra income over three years, depending on their specific retirement plans.

Disaster Loss Deductions

Additionally, individuals and businesses can take advantage of disaster loss deductions for damaged property not covered by insurance or other reimbursement forms. This tax deadline extension applies to taxpayers in designated disaster areas across Alabama, Georgia, Florida, North Carolina, South Carolina, Tennessee, and Virginia.

Support from Financial Agencies

Other financial agencies have also stepped up to provide assistance following the recent hurricanes. The Federal Reserve has communicated its readiness to supply more cash to local banks in the affected areas, ensuring customers have access to necessary funds.

“We have the ability through the reserve banks to ensure that banks have available cash, so that if power is out for an extended period, there’s enough cash for transactions,” said Powell, highlighting their support during challenging times.

Conclusion

Hurricanes Helene and Milton have severely impacted the southeastern U.S., with significant aid announced for those in need. Residents are urged to take advantage of these relief measures from the IRS and other agencies.