New House Bill Aims to Waive IRS Early Withdrawal Penalty and Allow Deductions for Scam Victims
A new bill introduced by the U.S. House Ways and Means Committee seeks to waive the IRS' 10% early withdrawal penalty on retirement accounts for scam victims, while also restoring tax deductions for personal losses from fraud. Currently, only investment-related scams qualify as deductible under federal law.
Topics: House bill IRS penalties retirement accounts scam victims