IRS Issues Guidance on Emergency Personal Expense and Domestic Abuse Distributions

The IRS issued Notice 2024-55 regarding the waiver of the 10% early withdrawal penalty for these distributions.

Photo by Daniil Silantev on Unsplash

The IRS recently issued Notice 2024-55 regarding the waiver of the 10% early excise tax for emergency personal expense distributions and domestic abuse victim distributions.

Both of these provisions were created under SECURE Act 2.0.