Recorded July 27, 2017
The IRS Tax Exempt Government Entities / Employee Plans (TEGE / EP) Division presented this seminar at the 2017 IRS Nationwide Tax Forum.
This session discusses distribution rules for 401(k) and IRA-based SEP and SIMPLE retirement plans and how payments are taxed to recipients. The seminar will cover distributions made before retirement, at retirement and to beneficiaries.
- pre-retirement distributions due to loans, financial hardship and divorce;
- 10 percent additional tax on early distributions;
- distributions at separation from service;
- rollover rules for transferring money between plans and IRAs;
- required minimum distributions at age 70 1/2;
- distributions to spouse and non-spouse beneficiaries;
- reporting requirements for plans and recipients; and
- how to find, fix and avoid distribution mistakes in plans.
By the end of this presentation, you will be able to:
- Identify the distribution methods available in SEP’s, SIMPLE’s, and 401(k) plans
- Differentiate between spouse and non-spouse beneficiary rules
- Determine which Publication to research to calculate estimated tax payments on distributions
- List employee benefits to establishing or enrolling in a retirement plan
Identify when a Loan can become a distribution
No prerequisites or advanced preparation are required for this seminar.
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