I GOT AN ADVANCE TAX FREE FROM MY IRA FOR DISASTER RELIEF HURRICAN IAN. I DON'T KNOW WHERE TOLESSEN MY LOSS ON FORM 4684. CAN ANYONE HELP ME?

Unless it is a Roth IRA or the IRA had Basis, it is taxable, plus the 10% penalty.

Why do you think it would not be taxable???

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support. AND TRY NOT TO SHOUT

You should seek the services of a tax professional, youve got several different things happening.

Your IRA distribution and its reporting options and your possible hurricane loss are separate issues.

On the positive side, at least you are getting to your return early to give you plenty of time to figure things out and figure out how you are going to pay all of that tax.

As a side note, who told you that it was going to be free money or was that something you read on that old reliable internet?

An advance? Retirement plans might provide for loans. Retirement accounts don't allow you to borrow.

Getting your own money doesn't lessen a loss. An insurance settlement would lessen the loss, since it is to compensate for the loss.

There are a whole lot of things going wrong, here. And this likely is going to be a bit expensive: $100,000 taken. Whew.

Are you using ProSeries to prepare this tax return?

You seem to be lost on the internet. You’ve come to a Peer User community for Intuit Income Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte Tax Preparation programs, and you may be looking for support as an individual taxpayer using TurboTax. Please visit the TurboTax Help site for support.

And try this screen, for the various topics (subforums): https://ttlc.intuit.com/community/discussions/discussion/03/302

Your sign in user info here is the same one you can use over at the TurboTax forum.

Thanks.

Here we are, a year and a half later, and that Caps Lock still is stuck on, I guess.

Perhaps CAPS is a sign of desperation something many of us encounter this time of year. I am not sure this will be what you are looking for but perhaps it will be of some help. As this resource points out there is a difference between penalty free and tax free. I think this may be the source of the confusion. You will want to check but there is normally a period to repay the distribution if in fact there was a misunderstanding.https://www.dontmesswithtaxes.com/2022/10/tax-issues-when-tapping-retirement-accounts-after-a-disaster.html