IRS releases build on HR 3768

The IRS has two press releases out that apparently interpret the federal tax relief bill for disaster victims, HR 3768 (also discussed here previously), which is now Public Law 109-73, the "Katrina Emergency Tax Relief Act of 2005." Its press release of Oct. 17 on specially authorized withdrawals of retirement benefits appears to refer to Title I of the Act. Its press release of Oct. 11 on raised loss limitations appears to refer to Sec. 402 of the Act. (Anyone who has found otherwise, please do say so in comments.)

The IRS releases refer to work in progress revising or inventing forms to handle Katrina losses. Look for a revised Form 4684 and a new Form 8915 in coming weeks.