Katrina Emergency Tax Relief Act of 2005
Congress recently passed a new law that creates many tax code changes to benefit Hurricane Katrina victims. The Katrina Emergency Tax Relief Act of 2005 applies to people affected by Hurricane Katrina and to those taxpayers helping victims of the disaster.
The Internal Revenue Service currently is developing the taxpayer guidance required to implement the new law. Announcements regarding the Katrina Emergency Tax Relief Act of 2005 will be posted here. Please check this page periodically for updates. Meanwhile, if you are a hurricane victim and need help with tax matters, please call 1-866-562-5227.
A Technical Explanation
The Joint Committee on Taxation, a committee of the Congress, recently issued a technical explanation of the Katrina Emergency Relief Act of 2005.
Joint Committee on Taxation
IRS News Releases and Guidance
Tax Law Changes Related to Hurricanes Katrina, Rita and Wilma
FS-2006-12, January 2006 — Tax laws written at the end of 2005 provide tax breaks for those affected by Hurricanes Katrina, Rita and Wilma.
Tax Favored Treatment for Early Distributions from IRAs and other Retirement Plans for Victims of Hurricane Katrina
IR-2005-122, Oct. 17, 2005 — New Law provides tax favored treatment of certain early distributions from retirement plans for victims of Hurricane Katrina.
New Tax Law Eases Loss Limitations for Katrina Victims
IR-2005-119, Oct. 11, 2005 — A change in the tax law lifts the $100 and 10-percent limits on casualty losses claimed on tax returns by Hurricane Katrina victims.
Deadlines for Taxpayers Affected by Hurricane Katrina Extended Until Feb. 28
IR-2005-112, Sept. 28, 2005 — New law gives taxpayers affected by Hurricane Katrina until Feb. 28, 2006, to file tax returns and pay any taxes due.