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Es guidance relating to the application of sections 101 and 103 of the Katrina Emergency Tax Relief Act of 2005, P.L. 109-73 (KETRA) for qualified individuals and eligible retirement plans. KETRA was enacted on September 23, 2005. Under section 101 of KETRA, qualified individuals receive favorable tax treatment with respect to distributions from eligible retirement plans that are qualified Hurricane Katrina distributions (Katrina distributions). A Katrina distribution is not subject to the 10% a.
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Repayments FAQ
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The confusion lies with the fact that Hurricane Ian was considered a “qualified federal disaster” but the qualified disaster has not been listed as one of the ones eligible to take “qualified disaster losses” for those impacted.
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Hurricane Ian treated as qualified disaster for purposes of tax treatment of certain disaster-related personal casualty losses.
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You may deduct a disaster loss suffered in California beginning on or after January 1, 2014, and before January 1, 2029. For 2014 and prior, see How to Claim a State Tax Deduction for Your Disaster Loss (FTB Pub 1034) .
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For purposes of section 38, in the case of an eligible employer, the Hurricane Katrina employee retention credit for any taxable year is an amount equal to 40 percent of the qualified wages with respect to each eligible employee of such employer for such taxable year.
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Major disasters listed on Form 4684 are the only disasters with the ability for taxpayers to deduct their Qualified Disaster Losses on their taxes without the 10% adjusted gross income and itemized deductions limitations. Hurricane Ian is not listed.
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If you have a qualified disaster loss you may elect to deduct the loss without itemizing your deductions. Your net casualty loss doesn't need to exceed 10% of your adjusted gross income to qualify for the deduction, but you would reduce each casualty loss by $500 after any salvage value and any other reimbursement.
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The Katrina Emergency Tax Relief Act of 2005 allows affected individuals to exclude from income certain cancellations of debt and extends, from two years to five years, the replacement period for converted properties. maximum of $3,000. The Lifetime Learning Credit is expanded from 20 percent to 40 percent.
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Total nonfarm employment in Louisiana decreased by 184,600 jobs or 9.6 percent from September 2004 to September 2005 because of Hurricane Katrina. (See table 3.) In May 2006, the year-to-year loss was slightly less: 177,600 jobs or 9.1 percent.
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