Tax Facts

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Individual Retirement Plans
Estate Taxation
Q 648 Is the value of a survivor benefit payable under an individual retirement plan (IRA) includable in the decedent’s gross estate?
Q 649 Is a marital deduction available for the value of a survivor benefit payable under an individual retirement plan (IRA) that is includable in the decedent’s gross estate?
Gift Taxation
Q 737 Is there a taxable gift when an individual covered under a qualified plan, a tax sheltered annuity, or an individual retirement plan (IRA) irrevocably designates a beneficiary to receive a survivor benefit payable under the plan?
Q 739 Can community property law create a taxable gift by the spouse of an individual who designates a third party beneficiary to receive a survivor benefit payable under a qualified plan, a tax sheltered annuity, or an individual retirement plan (IRA)?
Q 740 If one who is covered under an individual retirement plan (IRA) contributes to a similar plan covering his nonemployed spouse, are such contributions considered gifts?
Quick Clicks
Q 232 What penalties apply to early distributions from an IRA?

Q 233 How are substantially equal periodic payments from an IRA calculated for purposes of IRC Section 72(t)?

Q 234 What are the minimum distribution requirements for individual retirement plans? What is the effect of failure to meet the requirements?
Q 235 How are the minimum distribution requirements met during an IRA owner’s lifetime?
Q 236 How are the minimum distribution requirements met after the death of an IRA owner?
Q 237 Who is a “designated beneficiary” for purposes of required minimum distributions from an IRA? What are the rules for multiple beneficiaries and separate accounts?
Q 242 What is a SAR-SEP? What requirements must be met if a simplified employee pension is offered on a cash or deferred basis?

Q 243 What is a SIMPLE IRA plan?

Indexed Employee Benefit Limits - 2006-2010
RMD Tables - Uniform Lifetime
RMD Tables - Single Life
RMD Tables - Joint and Survivor
RMD Tables - MDIB Joint and Survivor Annuity
Individual Retirement Plan Navigator
Required Minimum Distribution Navigator
Rollover
Q 453 What is a rollover, or rollover contribution? What are its tax effects?

Q 454 What is a charitable IRA rollover or qualified charitable distribution?

Q 455 What is required to roll over a distribution received from a qualified retirement plan or an eligible Section 457 governmental plan?

Q 456 What is an eligible retirement plan?

Q 457 Must a participant receiving an eligible rollover distribution have the option of making the rollover by means of a “direct rollover”?

Q 458 If a rollover is not made through a direct rollover, must income tax be withheld from the distribution?

Q 459 May an individual who is not a participant in a qualified plan roll over amounts received from the plan by reason of a divorce or separation agreement?
Q 460 May a participant who receives a distribution of an annuity from a qualified pension or profit sharing plan surrender the annuity and roll over the proceeds?

Q 461 Under what circumstances may a participant roll over permitted distributions from a Section 403(b) tax sheltered annuity?
Q 462 Under what circumstances may rollover contributions be made from an IRA by the owner of the plan?
Q 463 May a surviving spouse or other beneficiary make a rollover contribution?

Q 464 How is the 60-day time limitation on rollovers applied?

Q 465 May an individual who has attained age 70½ make a rollover?

Q 466 May the recipient of a distribution roll the amount over into another person’s individual retirement plan?

Q 1341 What is a charitable IRA rollover or qualified charitable distribution?
Roth IRA
Q 211 What is an individual retirement arrangement (IRA)?

Q 212 What is a “deemed IRA”?

Q 213 What information must be provided to a buyer of an IRA?

Q 214 What is the saver’s credit and who can claim it?

Q 215 When are funds accumulated in an IRA taxed?

Q 216 How are the earnings on an IRA taxed?

Q 217 Are IRAs subject to attachment?

Q 218 What individuals may establish an IRA?

Q 219 May a person contribute to an IRA for his spouse?

Q 220 When must contributions to IRAs be made?

Q 222 How much may an individual contribute to a Roth IRA?

Q 223 Can an individual roll over or convert a traditional IRA or other eligible retirement plan into a Roth IRA?

Q 224 What is “compensation” for purposes of IRA eligibility rules and deduction limits?

Q 226 Are fees or commissions paid in connection with an IRA deductible? Is interest paid on amounts borrowed to fund an IRA deductible?

Q 227 What is the penalty for making excessive contributions to an IRA? Under what circumstances may contributions be withdrawn or reduced?

Q 229 How are amounts distributed from a Roth IRA taxed?

Q 230 Are the death proceeds of an individual retirement endowment contract taxable?

Q 231 Are amounts received from IRAs subject to withholding?

Q 232 What penalties apply to early distributions from an IRA?

Q 233 How are substantially equal periodic payments from an IRA calculated for purposes of IRC Section 72(t)?

Q 234 What are the minimum distribution requirements for individual retirement plans? What is the effect of failure to meet the requirements?
Q 235 How are the minimum distribution requirements met during an IRA owner’s lifetime?
Q 236 How are the minimum distribution requirements met after the death of an IRA owner?
Q 237 Who is a “designated beneficiary” for purposes of required minimum distributions from an IRA? What are the rules for multiple beneficiaries and separate accounts?
Q 238 What reporting requirements are imposed on IRA trustees with respect to required minimum distributions?
Q 239 What IRS filing requirements must be met by an individual retirement plan participant?

Q 240 May an employer contribute to an IRA on behalf of an employee? May an employer or union establish an individual retirement account for its employees or members?

SIMPLE IRA
Q 243 What is a SIMPLE IRA plan?

Q 244 How are SIMPLE IRA plan contributions taxed?

Simplified Employee Pension (SEP)
Q 241 What is a simplified employee pension?

Q 242 What is a SAR-SEP? What requirements must be met if a simplified employee pension is offered on a cash or deferred basis?

Traditional IRA
Q 211 What is an individual retirement arrangement (IRA)?

Q 212 What is a “deemed IRA”?

Q 213 What information must be provided to a buyer of an IRA?

Q 214 What is the saver’s credit and who can claim it?

Q 215 When are funds accumulated in an IRA taxed?

Q 216 How are the earnings on an IRA taxed?

Q 217 Are IRAs subject to attachment?

Q 218 What individuals may establish an IRA?

Q 219 May a person contribute to an IRA for his spouse?

Q 220 When must contributions to IRAs be made?

Q 221 How much may an individual contribute to a traditional IRA? How much may he deduct?

Q 223 Can an individual roll over or convert a traditional IRA or other eligible retirement plan into a Roth IRA?

Q 224 What is “compensation” for purposes of IRA eligibility rules and deduction limits?

Q 225 Who is an “active participant” for purposes of IRA eligibility rules and deduction limits?

Q 226 Are fees or commissions paid in connection with an IRA deductible? Is interest paid on amounts borrowed to fund an IRA deductible?

Q 227 What is the penalty for making excessive contributions to an IRA? Under what circumstances may contributions be withdrawn or reduced?

Q 228 How are amounts distributed from a traditional IRA taxed?

Q 230 Are the death proceeds of an individual retirement endowment contract taxable?

Q 231 Are amounts received from IRAs subject to withholding?

Q 232 What penalties apply to early distributions from an IRA?

Q 233 How are substantially equal periodic payments from an IRA calculated for purposes of IRC Section 72(t)?

Q 234 What are the minimum distribution requirements for individual retirement plans? What is the effect of failure to meet the requirements?
Q 235 How are the minimum distribution requirements met during an IRA owner’s lifetime?
Q 236 How are the minimum distribution requirements met after the death of an IRA owner?
Q 237 Who is a “designated beneficiary” for purposes of required minimum distributions from an IRA? What are the rules for multiple beneficiaries and separate accounts?
Q 238 What reporting requirements are imposed on IRA trustees with respect to required minimum distributions?
Q 239 What IRS filing requirements must be met by an individual retirement plan participant?

Q 240 May an employer contribute to an IRA on behalf of an employee? May an employer or union establish an individual retirement account for its employees or members?