IRA announces tax relief for Alaska residents

Posted: Tuesday, July 30, 2002

ANCHORAGE (AP) -- Tax relief is being offered for Alaska residents affected by spring flooding, according to the Internal Revenue Service.

The tax relief is for individuals, relief workers and businesses directly impacted by flooding between April 27 and May 30.

The disaster area includes the Fairbanks North Star Borough and 10 villages: Aniak, Crooked Creek, Ekwok, Kwethluk, Lime Village, McGrath, New Stuyahok, Red Devil, Salcha and Sleetmute.

Affected taxpayers have the option of claiming disaster-related casualty losses on either their 2001 or 2002 federal income tax returns. Amending a 2001 return will get the taxpayer an earlier refund, but waiting to claim the loss on the 2002 return could result in a greater tax saving, depending on other income factors.

Affected taxpayers amending a 2001 return to claim the disaster loss should put the words ''ALASKA FLOODS'' in red ink at the top of the form so that the IRS can expedite the processing of the refund.

Taxpayers may download forms and publications from the IRS Web site at www.irs.gov or may order them by calling 1-800-TAX-FORM (1-800-829-3676).The IRS toll-free number for general tax questions is 1-800-829-1040.



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