Search Results: keywords:"early withdrawal penalties"

  • H. R. 10203 — To provide tax relief for damages relating to Hurricanes Helene and Milton.
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    Status:Introduced in House
    Words:4,192

    H. R. 10203, also known as the "Hurricane Helene and Milton Tax Relief Act of 2024," aims to provide specific tax relief to people affected by Hurricanes Helene and Milton. The bill allows individuals in disaster areas to calculate their earned income tax credit based on...

    Simple Explanation

    H. R. 10203 is a plan to help people who were affected by two big storms, Hurricane Helene and Hurricane Milton, by letting them pay less in taxes. It allows them to use last year's income to get more money back from taxes, give more to help others without paying extra taxes, and use their savings for emergencies without any penalties.

  • H. R. 329 — To amend the Internal Revenue Code of 1986 to expand the availability of penalty-free distributions to unemployed individuals from retirement plans.
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    Status:Introduced in House
    Words:537

    H.R. 329, titled the "Expanding Penalty Free Withdrawal Act," seeks to amend the Internal Revenue Code of 1986 to help unemployed individuals access their retirement savings without penalties. Specifically, the bill allows individuals who have been unemployed for at least 26...

    Simple Explanation

    H.R. 329 wants to help people who don't have jobs by letting them take out some of their retirement money without paying a penalty if they've been unemployed for a long time, and it makes sure they only take out a safe amount.

  • H. R. 2163 — To amend the Internal Revenue Code of 1986 to waive early withdrawal penalties from retirement accounts for victims of fraud.
    Status:Introduced in House
    Words:601

    H.R. 2163, introduced in the House of Representatives, seeks to change the Internal Revenue Code to help fraud victims. The bill would let individuals who are victims of fraud withdraw money from their retirement accounts without facing early withdrawal penalties. To qualify, individuals need...

    Simple Explanation

    H.R. 2163 is a plan to help people who have been tricked out of their money by letting them take money from their savings early without getting in trouble. To do this, they need proof from the police, and they want to tell more people about it so they know how to get help.