Retirement Plans Newsletter

BULLETIN
October 16, 2020

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[Official Guidance]

Text of IRS Rev. Rul. 2020-24: Withholding and Reporting with Respect to Payments from Qualified Plans to State Unclaimed Property Funds (PDF)

"Holdings: [1] The payment of Individual C's accrued benefit from Plan X is subject to federal income tax withholding under § 3405. [2] The payment from Plan X is subject to reporting under § 6047.

Transition Relief: A person will not be treated as failing to comply with the withholding and reporting requirements described in this revenue ruling with respect to payments made before the earlier of January 1, 2022, or the date it becomes reasonably practicable for the person to comply with those requirements." Icon to read more

Internal Revenue Service [IRS]

[Official Guidance]

Text of IRS Rev. Proc. 2020-46: Permissible Reasons for Self-Certification of Eligibility for a Waiver of the 60-Day Rollover Requirement (PDF)

"The revenue procedure modifies and updates Rev. Proc. 2016-47 [which] provides a list of permissible reasons for self-certification of eligibility for a waiver of the 60-day rollover requirement.... [T]his revenue procedure modifies that list by adding a new reason: a distribution was made to a state unclaimed property fund. As under Rev. Proc. 2016-47, a self-certification relates only to the reasons for missing the 60-day deadline, not to whether a distribution is otherwise eligible to be rolled over.... [T]his revenue procedure provides examples of situations in which a distribution would not be eligible to be rolled over. The appendix sets forth model language that may be used for self-certification." Icon to read more

Internal Revenue Service [IRS]

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2020 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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