For those intending to bequeath their individual retirement account funds to survivors, a change in Internal Revenue Service regulations in January of 2001 - followed by an April 2002 revision - created a wealth-transfer strategy that actually allows for the tax benefits of an IRA to be stretched beyond the lifetime of the person who established the IRA. In the past, IRS law had required non-spouse beneficiaries to completely withdraw IRA assets either within five years of the originator's death or heretofore remaining life expectancy. The stretch IRA allows for the IRA to be passed down several generations over the life expectancies of non-spousal beneficiaries like grandchildren, great-nieces, nephews and others.
... to participants in 401(k) and similar individual account retirement plans. In particular, the new r...
Section 408A(d) of the Internal Revenue Service Code and 1.408A-5 of the regulations allow taxpayers to re-characterize an individual retirement account (IRA) contribution made to one type of IRA as having been made to another type of IRA. They can do so by making a trustee-to-trustee of the IRA contribution, including earnings, to another IRA type. This re-characterization must be executed on or prior to the date prescribed by law, including extensions, for filing the federal income tax return for the year the contribution was made.
... whether the standard applies to an individual cooperative's operations. The synopsis is not inte... 124 . Transclosures . . . 125 . Retirement Units . . . 126 . Establishment of Continuing ...
...AMARA, ET AL., INDIVIDUALLYAND ON BEHALF OF ALL OTHERSSIMILARLY SITUATEDON WRIT O... amount in the employee'scash balance account. Respondents, acting on behalf of approximately 25... See Employee Retirement Income Security Act of 1974 (ERISA) §§102... byERISA and its implementing regulations. But we fearthat the Solicitor General's rule mig...
...-34: Additional Guidance on the "Foreign Account Tax Compliance Act" Provisions . At a time in whic... the IRS continue to work on proposed regulations and draft FFI agreements, but no specific release ... US accounts among their pre-existing individual accounts. A new "private banking" category will re... and certain categories of non-US retirement plans should be treated as deemed compliant. . Rep...
... to participants in 401(k) and similar individual account retirement plans. In particular, the new r...
... (a) Employee benefit plan accounts and individual retirement accounts or similar accounts. A bank is...
D. 9142, under Section 408(q), provides requirements relating to deemed IRAs that may be included in qualified employer plans, which are plans described in Sections 401(a), 403(a), 403(b), and governmental plans under Section 457(b). The regulations also amend Section 408(a) with regard to the requirements under Section 408(a) for non-bank trustees for deemed IRAs. Temporary and proposed regulations under Section 408(a) provide that the Commissioner may, in his discretion, allow governmental entities to act as qualified non-bank trustees for deemed IRAs which are part of the entities' qualified employer plan within the meaning of Section 408(q).
Section 408.-Individual Retirement Accounts. 26 CFR 1.408-2: Individual re...
...CHAPTER II: RAILROAD RETIREMENT BOARD. SUBCHAPTER A: GENERAL ADMINISTRATION. PART ... from subsections (c)(3) and (4) (Accounting of Certain Disclosures), (d) (Access to Records), ...
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