IRS Releases Revised Model IRA Forms

[Guest David Hammond CISP]

Hi Everyone,

The long awaited EGTRRA Revised IRA Model Documents are now on the IRS Web Site.

March 2002 Revised Forms 5305; 5305A; 5305R; 5305RA; 5305S and 5305SA are now available for downloading from the IRS.

These accompany the SEP and SIMPLE Model IRS Forms released late last week.

IRS has not yet updated the title listing of these forms but the March Revisions appear in pdf format even though the Januaary 2000 date remains for the time being in each title header listing.

Remember that these forms need not be used until October 2, 2002 according to IRS Announcement 2002-49 released last week.

Has anyone yet seen specific, official IRS instructions relating to the "Amendment Procedure" for existing IRA customers for EGTRRRA changes. Lots of speculation but I have not seen anything official yet. I hope it is similiar to the 1998 IRS procedures permitting a "negative customer" response.

Cordially,

Dave Hammond

[Appleby]

David,

Rev. proc. 02-10 ( see http://www.irs.gov/pub/irs-drop/rp-02-10.pdf ) would lead me to believe that a signature amendment is required- mainly because it states that an individual who wants to take advantage of the EGTRRA changes must adopt a revised model amendment. I hope I am wrong.

[Guest David Hammond CISP]

I spoke to the office of Roger Kuehnle at IRS-Washington who is the author of Rev. Proc. 2002-10. I posed the question about "Negative Customer Notice" on IRA amendments to existing customers. That was Monday.

I just got back a phone call this morning and it was confirmed by his office that "Negative Notice" will be acceptable (as in years before) for this round of IRA amendments to existing customers by December 31, 2002.

Nothing in writing but seems official to me.

As we most all had suspected right along.

[Appleby]

Great work David- Thanks- Now I can breathe easy

[Guest alundahl]

I am in the process of assisting a client in preparing IRA EGTRRA amendments and saw your post relating to IRA "negative customer notice" similar to the 1998 IRS procedures. I have tried to contact the IRS to determine what is needed but have had no luck in getting a response. Could you point me in the right direction to determine what type of notice is needed, or a cite to the 1998 procedures?