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Stimulus acts allows disaster distributions | Ary Rosenbaum


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On December 27, 2020, President Trump signed the Consolidated Appropriations Act of 2021 (the “Stimulus Act”), which not only gives taxpayers another stimulus payment but changes to retirement plans, including qualified disaster distributions.
A Qualified Disaster includes any disaster that occurred between December 28, 2019, and December 27, 2020, and which was declared a disaster by the President during the period beginning January 1, 2020, and ending February 25, 2021. Further, a Qualified Individual is someone: (1) whose principal home is located in a “Qualified Disaster Area”; and (2) who suffered an economic loss as a result of the Qualified Disaster. A Qualified Disaster Area is any area in which a Qualified Disaster was declared but doesn’t include an area that is a disaster area solely due to the COVID-19 pandemic (since relief was provided under the CARES Act). ....

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