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Question

I took out money from my IRA to repair my house because of a storm, can I deduct it?

Forum|Forum|1 year ago
February 17, 2025
1 reply
0 views

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If you were in a federally declared disaster area, you may be able to take a Casualty loss. See About Casualty Deduction for Federal Income Tax - TurboTax

You will have to pay the income tax on the withdrawal. If you were in a federally declared disaster area, up to $22,000 can be excluded from the penalty for early withdrawal. If it was not, you may be able to use the emergency personal expense, which would exclude $1,000 for the penalty.