In-Plan Roth Conversions

[John Feldt ERPA CPC QPA]

Does anyone have any inside information on how soon we might see guidance for In-Plan Roth conversions?

[Belgarath]

According to the IRS, "very soon."

[Belgarath]

P.S. - this writeup is from Taxanalysts

The first tranche of guidance related to in-plan rollovers to Roth IRAs may be released as early as the week of November 22, an IRS official said November 18.

The Small Business Jobs Act of 2010 (P.L. 111-240) made in-plan rollovers to Roth IRAs available to employees months ago, but the government has yet to release any guidance on numerous issues that have troubled employers. Andrew Zuckerman, director of rulings and agreements for employee plans in the IRS Tax-Exempt and Government Entities Division, said informal guidance should be available within days to help with reporting and withholding issues and that a notice with further details should follow shortly afterward. (For prior coverage, see Doc 2010-24134 or 2010 TNT 217-4 .)

"We are well aware that you guys need this guidance, and it is pretty far along in the development stage," Zuckerman told practitioners at the Southwest Benefits Association's Employee Benefits Conference in Dallas.

According to Zuckerman, other current guidance projects include an update to the Employee Plans Compliance Resolution System for section 403(b) plans; a revenue procedure for preapproved section 403(b) plans; an update to Rev. Proc. 2005-16, 2005-1 C.B. 674, for master and prototype and volume submitter plans; a revenue procedure to reopen the preapproved plan program for IRAs; a revenue ruling on group trusts; and finalization of regs on suspension of qualified nonelective contributions for safe harbor section 401(k) plans. (For prior coverage, see Doc 2010-18807 or 2010 TNT 164-4 . For the employee plans unit's workplan for 2011, see Doc 2010-23684 or 2010 TNT 213-21 .)

Projects under consideration include a master and prototype and volume submitter program for section 414(x) combined defined contribution and defined benefit plans, a preapproved plan program for cash balance hybrid defined benefit plans, and a preapproved program for employee stock ownership plans, Zuckerman said.

[John Feldt ERPA CPC QPA]

Thank you, O Sorcerer, Old Wolf and Ancient One.

[Belgarath]

You're welcome. Now if you can just send me a tankard of strong brown ale and a few Marag women...

[John Feldt ERPA CPC QPA]

And what of Poledra?