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Tax break coming for reservists, National Guard members.(MORE ON CONGRESS)(Brief Article)
Kiplinger Tax Letter, The, May, 2004
A tax break for reservists and National Guard members is coming.
Penalty-free payouts from IRAs will be allowed for sums withdrawn by people after they have been called to active duty for at least 180 days or for an unspecified period. The relief is also applicable to 401(k)s. Of course, these distributions are still subject to federal income tax.
Withdrawals can even be repaid to the IRA or the 401(k) plan. Recipients can restore the funds they took at any time within two years after their tours end. Repayments won't count against the payin limits, but payers won't be able to take a tax deduction for these contributions.
These rules will apply to distributions made after Sept. 11, 2001. The House approved its version of the bill last...
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