IRS Issues
Tech Talk addresses how the deadline for the timely adoption of an amendment for a pre-approved plan that is a governmental plan is determined.
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The IRS has updated the instructions for Form 8606, which is used to report contributions and distributions, as well as conversions, from IRAs—including Roths.
Form 8606, Nondeductible IRAs, is used to report:
Nondeductible contributions to traditional IRAs;
Distributions from traditional,...
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Tech Talk addresses how the deadline for the timely adoption of an amendment for a pre-approved plan that is not a governmental plan is determined.
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Tech Talk addresses whether when one defaults on a loan taken from a 403(b), one can later take another.
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The IRS has issued a reminder that people born before 1951 need to take required minimum distributions (RMDs) from funds held in IRAs and other retirement plans by the end of the year. And in so doing, it provides an opportunity to in turn remind participants as well as clients whose participants...
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Tech Talk covers whether income inclusion can occur over three years.
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The IRS has just released new guidance in the form of questions and answers addressing several key provisions contained in the SECURE 2.0 Act of 2022.
The IRS advises that the notice (Notice 2024-02) is not intended to provide comprehensive guidance as to the specific provisions of the SECURE 2.0...
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The IRS on Dec. 20, 2023, issued the 2023 cumulative list of changes in plan qualification requirements for pre-approved defined contribution plans. The changes are contained in Notice 2024-03.
The 2023 Cumulative List is intended to assist providers applying to the IRS for opinion letters for the...
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Tech Talk addresses how one figures the maximum amount contributable if one has more than one 403(b).
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The IRS on Dec. 8 announced that there will be no changes to the Required Amendments (RA) List for individually designed plans qualified under Internal Revenue Code (IRC) Sections 401(a) and 403(b) for 2023. The IRS made the announcement in Notice 2023-79.
The RA List establishes the end of the...
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Tech Talk discusses the limits relevant to figuring the maximum amount that can be contributed to a 403(b).
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In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American...
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The IRS has released a draft of the updated version of Publication 571, “Tax-Sheltered Annuity Plans (403(b) Plans) for Employees of Public Schools and Certain Tax-Exempt Organizations.”
Publication 571 is intended to help taxpayers better understand the tax rules that apply to 403(b) tax-...
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Tech Talk discusses designating 403(b) plan elective deferrals as Roth contributions.
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The IRS has prepared the draft instructions for the Form 5329 for reporting additional taxes on qualified plans, including Roth and traditional IRAs and other tax-favored accounts from 2023.
Employers, plan administrators and retirement plan professionals may find it worthwhile to remind plan...
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The IRS in Revenue Procedure (Rev. Proc.) 2023-37 has issued fresh guidance on qualified pre-approved plans and 403(b) pre-approved plans which combines, conforms, clarifies, and updates rules for those plans set forth in prior revenue procedures.
Rev. Proc. 2023-37 generally became effective...
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The IRS has released a draft of the Form 1099-R to be used in 2024. This is an early release draft of the form, as well as its instructions, which the IRS is providing only to inform taxpayers, including benefits recipients.
The form is used to provide information to recipients about...
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Tech Talk discusses the rules one should take into account when figuring one’s years of service for purposes of a 403(b).
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Tech Talk discusses repayments for qualified COVID-19 distributions that are eligible for tax-free rollover treatment to an eligible retirement plan.
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Tech Talk addresses how 403(b) plan assets can be invested.
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