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Technical Explanation, Estimated Revenue Effects, Distribution Analysis, and Macroeconomic Analysis of the Tax Reform Act of 2014 (PDF)
Joint Committee on Taxation [JCT], U.S. Congress Link to more items from this source
Nov. 18, 2014
702 pages; based on Discussion Draft prepared by the Chairman of the House Committee on Ways and Means. Provisions related to pension and retirement begin on page 101, and include: Changes to rules for individual retirement arrangements; Repeal of exception to 10-percent penalty for first-time home purchases and elimination of first-time home purchase as a qualified distribution from a Roth IRA; Termination of new simplified employee pensions; Termination for new SIMPLE 401(k) plans; Modification of required distribution rules for pension plans; Reduction in age for allowable in-service distributions; Modification of rules governing hardship distributions; Extended rollover period for the rollover of plan loan offset amounts in certain cases; Coordination of contribution limitations for 403(b) plans and governmental 457(b) plans; Application of 10-percent early distribution tax to governmental 457 plans; and Inflation adjustments for employer-sponsored retirement plan dollar limitations on benefits and contributions. Provisions related to compensation begin on page 457 and include: Nonqualified deferred compensation; Modification of limitation on excessive employee remuneration; Excise tax on excess tax-exempt organization executive compensation; Denial of deduction as research expenditure for stock transferred pursuant to an incentive stock option; and Determination of worker classification.

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