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1042 Ez

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1042 ez 8. 1042 ez   Distributions and Rollovers Table of Contents DistributionsMinimum Required Distributions No Special 10-Year Tax Option Transfer of Interest in 403(b) ContractAfter-tax contributions. 1042 ez Permissive service credit. 1042 ez Tax-Free RolloversHardship exception to rollover rules. 1042 ez Eligible retirement plans. 1042 ez Nonqualifying distributions. 1042 ez Second rollover. 1042 ez Gift Tax Distributions Permissible distributions. 1042 ez   Generally, a distribution cannot be made from a 403(b) account until the employee: Reaches age 59½, Has a severance from employment, Dies, Becomes disabled, In the case of elective deferrals, encounters financial hardship, or Has a qualified reservist distribution. 1042 ez In most cases, the payments you receive or that are made available to you under your 403(b) account are taxable in full as ordinary income. 1042 ez In general, the same tax rules apply to distributions from 403(b) plans that apply to distributions from other retirement plans. 1042 ez These rules are explained in Publication 575. 1042 ez Publication 575 also discusses the additional tax on early distributions from retirement plans. 1042 ez Retired public safety officers. 1042 ez   If you are an eligible retired public safety officer, distributions of up to $3,000, made directly from your 403(b) plan to pay accident, health, or long-term care insurance, are not included in your taxable income. 1042 ez The premiums can be for you, your spouse, or your dependents. 1042 ez   A public safety officer is a law enforcement officer, fire fighter, chaplain, or member of a rescue squad or ambulance crew. 1042 ez   For additional information, see Publication 575. 1042 ez Distribution for active reservist. 1042 ez   The 10% penalty for early withdrawals will not apply to a qualified reservist distribution attributable to elective deferrals from a 403(b) plan. 1042 ez A qualified reservist distribution is a distribution that is made: To an individual who is a reservist or national guardsman and who was ordered or called to active duty for a period in excess of 179 days or for an indefinite period; and During the period beginning on the date of the order or call to duty and ending at the close of the active duty period. 1042 ez Minimum Required Distributions You must receive all, or at least a certain minimum, of your interest accruing after 1986 in the 403(b) plan by April 1 of the calendar year following the later of the calendar year in which you become age 70½, or the calendar year in which you retire. 1042 ez Check with your employer, plan administrator, or provider to find out whether this rule also applies to pre-1987 accruals. 1042 ez If not, a minimum amount of these accruals must begin to be distributed by the later of the end of the calendar year in which you reach age 75 or April 1 of the calendar year following retirement. 1042 ez For each year thereafter, the minimum distribution must be made by the last day of the year. 1042 ez If you do not receive the required minimum distribution, you are subject to a nondeductible 50% excise tax on the difference between the required minimum distribution and the amount actually distributed. 1042 ez No Special 10-Year Tax Option A distribution from a 403(b) plan does not qualify as a lump-sum distribution. 1042 ez This means you cannot use the special 10-year tax option to calculate the taxable portion of a 403(b) distribution. 1042 ez For more information, see Publication 575. 1042 ez Transfer of Interest in 403(b) Contract Contract exchanges. 1042 ez   If you transfer all or part of your interest from a 403(b) contract to another 403(b) contract (held in the same plan), the transfer is tax free, and is referred to as a contract exchange. 1042 ez This was previously known as a 90-24 transfer. 1042 ez A contract exchange is similar to a 90-24 transfer with one major difference. 1042 ez Previously, you were able to accomplish the transfer without your employer’s involvement. 1042 ez After September 24, 2007, all such transfers are accomplished through a contract exchange requiring your employer’s involvement. 1042 ez In addition, the plan must provide for the exchange and the transferred interest must be subject to the same or stricter distribution restrictions. 1042 ez Finally, your accumulated benefit after the exchange must be equal to what it was before the exchange. 1042 ez   Transfers that do not satisfy this rule are plan distributions and are generally taxable as ordinary income. 1042 ez Plan-to-plan transfers. 1042 ez   You may also transfer part or all of your interest from a 403(b) plan to another 403(b) plan if you are an employee of (or were formerly employed by) the employer of the plan to which you would like to transfer. 1042 ez Both the initial plan and the receiving plan must provide for transfers. 1042 ez Your accumulated benefit after the transfer must be at least equal to what it was before the transfer. 1042 ez The new plan’s restrictions on distributions must be the same or stricter than those of the original plan. 1042 ez Tax-free transfers for certain cash distributions. 1042 ez   A tax-free transfer may also apply to a cash distribution of your 403(b) account from an insurance company that is subject to a rehabilitation, conservatorship, insolvency, or similar state proceeding. 1042 ez To receive tax-free treatment, you must do all of the following: Withdraw all the cash to which you are entitled in full settlement of your contract rights or, if less, the maximum permitted by the state. 1042 ez Reinvest the cash distribution in a single policy or contract issued by another insurance company or in a single custodial account subject to the same or stricter distribution restrictions as the original contract not later than 60 days after you receive the cash distribution. 1042 ez Assign all future distribution rights to the new contract or account for investment in that contract or account if you received an amount that is less than what you are entitled to because of state restrictions. 1042 ez   In addition to the preceding requirements, you must provide the new insurer with a written statement containing all of the following information: The gross amount of cash distributed under the old contract. 1042 ez The amount of cash reinvested in the new contract. 1042 ez Your investment in the old contract on the date you receive your first cash distribution. 1042 ez   Also, you must attach the following items to your timely filed income tax return in the year you receive the first distribution of cash. 1042 ez A copy of the statement you gave the new insurer. 1042 ez A statement that includes: The words ELECTION UNDER REV. 1042 ez PROC. 1042 ez 92-44, The name of the company that issued the new contract, and The new policy number. 1042 ez Direct trustee-to-trustee transfer. 1042 ez   If you make a direct trustee-to-trustee transfer, from your governmental 403(b) account to a defined benefit governmental plan, it may not be includible in gross income. 1042 ez   The transfer amount is not includible in gross income if it is made to: Purchase permissive service credits, or Repay contributions and earnings that were previously refunded under a forfeiture of service credit under the plan, or under another plan maintained by a state or local government employer within the same state. 1042 ez After-tax contributions. 1042 ez   For distributions beginning after December 31, 2006, after-tax contributions can be rolled over between a 403(b) plan and a defined benefit plan, IRA, or a defined contribution plan. 1042 ez If the rollover is to or from a 403(b) plan, it must occur through a direct trustee-to-trustee transfer. 1042 ez Permissive service credit. 1042 ez   A permissive service credit is credit for a period of service recognized by a defined benefit governmental plan only if you voluntarily contribute to the plan an amount that does not exceed the amount necessary to fund the benefit attributable to the period of service and the amount contributed is in addition to the regular employee contribution, if any, under the plan. 1042 ez   A permissive service credit may also include service credit for up to 5 years where there is no performance of service, or service credited to provide an increased benefit for service credit which a participant is receiving under the plan. 1042 ez   Check with your plan administrator as to the type and extent of service that may be purchased by this transfer. 1042 ez Tax-Free Rollovers You can generally roll over tax free all or any part of a distribution from a 403(b) plan to a traditional IRA or a non-Roth eligible retirement plan, except for any nonqualifying distributions, described later. 1042 ez You may also roll over any part of a distribution from a 403(b) plan by converting it through a direct rollover, described below, to a Roth IRA. 1042 ez Conversion amounts are generally includible in your taxable income in the year of the distribution from your 403(b) account. 1042 ez See Publication 590 for more information about conversion into a Roth IRA. 1042 ez Note. 1042 ez A participant is required to roll over distribution amounts received within 60 days in order for the amount to be treated as nontaxable. 1042 ez Distribution amounts that are rolled over within the 60 days are not subject to the 10% early distribution penalty. 1042 ez Rollovers to and from 403(b) plans. 1042 ez   You can generally roll over tax free all or any part of a distribution from an eligible retirement plan to a 403(b) plan. 1042 ez Beginning January 1, 2008, distributions from tax-qualified retirement plans and tax-sheltered annuities can be converted by making a direct rollover into a Roth IRA subject to the restrictions that currently apply to rollovers from a traditional IRA into a Roth IRA. 1042 ez Converted amounts are generally includible in your taxable income in the year of the distribution from your 403(b) account. 1042 ez See Publication 590 for more information on conversion into a Roth IRA. 1042 ez   If a distribution includes both pre-tax contributions and after-tax contributions, the portion of the distribution that is rolled over is treated as consisting first of pre-tax amounts (contributions and earnings that would be includible in income if no rollover occurred). 1042 ez This means that if you roll over an amount that is at least as much as the pre-tax portion of the distribution, you do not have to include any of the distribution in income. 1042 ez   For more information on rollovers and eligible retirement plans, see Publication 575. 1042 ez If you roll over money or other property from a 403(b) plan to an eligible retirement plan, see Publication 575 for information about possible effects on later distributions from the eligible retirement plan. 1042 ez Hardship exception to rollover rules. 1042 ez   The IRS may waive the 60-day rollover period if the failure to waive such requirement would be against equity or good conscience, including cases of casualty, disaster, or other events beyond the reasonable control of an individual. 1042 ez   To obtain a hardship exception, you must apply to the IRS for a waiver of the 60-day rollover requirement. 1042 ez You apply for the waiver by following the general instructions used in requesting a letter ruling. 1042 ez These instructions are stated in Revenue Procedure 2013-4, 2013-1 I. 1042 ez R. 1042 ez B. 1042 ez 126 available at www. 1042 ez irs. 1042 ez gov/irb/2013-01_IRB/ar09. 1042 ez html, or see the latest annual update. 1042 ez You must also pay a user fee with the application. 1042 ez The user fee for a rollover that is less than $50,000 is $500. 1042 ez For rollovers that are $50,000 or more, see Revenue Procedure 2013-8, 2013-1 I. 1042 ez R. 1042 ez B. 1042 ez 237 available at www. 1042 ez irs. 1042 ez gov/irb/2013-01_IRB/ar13. 1042 ez html, or see the latest annual update. 1042 ez   In determining whether to grant a waiver, the IRS will consider all relevant facts and circumstances, including: Whether errors were made by the financial institution; Whether you were unable to complete the rollover due to death, disability, hospitalization, incarceration, restrictions imposed by a foreign country, or postal error; Whether you used the amount distributed (for example, in the case of payment by check, whether you cashed the check); and How much time has passed since the date of distribution. 1042 ez   For additional information on rollovers, see Publication 590. 1042 ez Eligible retirement plans. 1042 ez   The following are considered eligible retirement plans. 1042 ez Individual retirement arrangements. 1042 ez Roth IRA. 1042 ez 403(b) plans. 1042 ez Government eligible 457 plans. 1042 ez Qualified retirement plans. 1042 ez  If the distribution is from a designated Roth account, then the only eligible retirement plan is another designated Roth account or a Roth IRA. 1042 ez Nonqualifying distributions. 1042 ez   You cannot roll over tax free: Minimum required distributions (generally required to begin at age 70½), Substantially equal payments over your life or life expectancy, Substantially equal payments over the joint lives or life expectancies of your beneficiary and you, Substantially equal payments for a period of 10 years or more, Hardship distributions, or Corrective distributions of excess contributions or excess deferrals, and any income allocable to the excess, or excess annual additions and any allocable gains. 1042 ez Rollover of nontaxable amounts. 1042 ez    You may be able to roll over the nontaxable part of a distribution (such as your after-tax contributions) made to another eligible retirement plan, traditional IRA, or Roth IRA. 1042 ez The transfer must be made either through a direct rollover to an eligible plan that separately accounts for the taxable and nontaxable parts of the rollover or through a rollover to a traditional IRA or Roth IRA. 1042 ez   If you roll over only part of a distribution that includes both taxable and nontaxable amounts, the amount you roll over is treated as coming first from the taxable part of the distribution. 1042 ez Direct rollovers of 403(b) plan distributions. 1042 ez   You have the option of having your 403(b) plan make the rollover directly to a traditional IRA, Roth IRA, or new plan. 1042 ez Before you receive a distribution, your plan will give you information on this. 1042 ez It is generally to your advantage to choose this option because your plan will not withhold tax on the distribution if you choose it. 1042 ez Distribution received by you. 1042 ez   If you receive a distribution that qualifies to be rolled over, you can roll over all or any part of the distribution. 1042 ez Generally, you will receive only 80% of the distribution because 20% must be withheld. 1042 ez If you roll over only the 80% you receive, you must pay tax on the 20% you did not roll over. 1042 ez You can replace the 20% that was withheld with other money within the 60-day period to make a 100% rollover. 1042 ez Voluntary deductible contributions. 1042 ez   For tax years 1982 through 1986, employees could make deductible contributions to a 403(b) plan under the individual retirement arrangement (IRA) rules instead of deducting contributions to a traditional IRA. 1042 ez   If you made voluntary deductible contributions to a 403(b) plan under these traditional IRA rules, the distribution of all or part of the accumulated deductible contributions may be rolled over if it otherwise qualifies as a distribution you can roll over. 1042 ez Accumulated deductible contributions are the deductible contributions: Plus Income allocable to the contributions, Gain allocable to the contributions, and Minus Expenses and losses allocable to the contributions, and Distributions from the contributions, income, or gain. 1042 ez Excess employer contributions. 1042 ez   The portion of a distribution from a 403(b) plan transferred to a traditional IRA that was previously included in income as excess employer contributions (discussed earlier) is not an eligible rollover distribution. 1042 ez   Its transfer does not affect the rollover treatment of the eligible portion of the transferred amounts. 1042 ez However, the ineligible portion is subject to the traditional IRA contribution limits and may create an excess IRA contribution subject to a 6% excise tax (see chapter 1 of Publication 590). 1042 ez Qualified domestic relations order. 1042 ez   You may be able to roll over tax free all or any part of an eligible rollover distribution from a 403(b) plan that you receive under a qualified domestic relations order (QDRO). 1042 ez If you receive the interest in the 403(b) plan as an employee's spouse or former spouse under a QDRO, all of the rollover rules apply to you as if you were the employee. 1042 ez You can roll over your interest in the plan to a traditional IRA or another 403(b) plan. 1042 ez For more information on the treatment of an interest received under a QDRO, see Publication 575. 1042 ez Spouses of deceased employees. 1042 ez   If you are the spouse of a deceased employee, you can roll over the qualifying distribution attributable to the employee. 1042 ez You can make the rollover to any eligible retirement plan. 1042 ez   After you roll money and other property over from a 403(b) plan to an eligible retirement plan, and you take a distribution from that plan, you will not be eligible to receive the capital gain treatment or the special averaging treatment for the distribution. 1042 ez Second rollover. 1042 ez   If you roll over a qualifying distribution to a traditional IRA, you can, if certain conditions are satisfied, later roll the distribution into another 403(b) plan. 1042 ez For more information, see IRA as a holding account (conduit IRA) for rollovers to other eligible plans in chapter 1 of Publication 590. 1042 ez Nonspouse beneficiary. 1042 ez   A nonspouse beneficiary may make a direct rollover of a distribution from a 403(b) plan of a deceased participant if the rollover is a direct transfer to an inherited IRA established to receive the distribution. 1042 ez If the rollover is a direct trustee-to-trustee transfer to an IRA established to receive the distribution: The transfer will be treated as an eligible rollover distribution. 1042 ez The IRA will be considered an inherited account. 1042 ez The required minimum distribution rules that apply in instances where the participant dies before the entire interest is distributed will apply to the transferred IRA. 1042 ez    For more information on IRAs, see Publication 590. 1042 ez Frozen deposits. 1042 ez   The 60-day period usually allowed for completing a rollover is extended for any time that the amount distributed is a frozen deposit in a financial institution. 1042 ez The 60-day period cannot end earlier than 10 days after the deposit ceases to be a frozen deposit. 1042 ez   A frozen deposit is any deposit that on any day during the 60-day period cannot be withdrawn because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because one or more banks in the state are (or are about to be) bankrupt or insolvent. 1042 ez Gift Tax If, by choosing or not choosing an election, or option, you provide an annuity for your beneficiary at or after your death, you may have made a taxable gift equal to the value of the annuity. 1042 ez Joint and survivor annuity. 1042 ez   If the gift is an interest in a joint and survivor annuity where only you and your spouse have the right to receive payments, the gift will generally be treated as qualifying for the unlimited marital deduction. 1042 ez More information. 1042 ez   For information on the gift tax, see Publication 559, Survivors, Executors, and Administrators. 1042 ez Prev  Up  Next   Home   More Online Publications
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1042 ez Index A Abatement of interest (see Interest, abatement) Appeal rights, Appeal Rights, Appeals to the Courts, Tax Court, District Court and Court of Federal Claims (see also Tax Court) Assistance (see Tax help) Authorization, third party, Third party authorization. 1042 ez B Burden of proof, Burden of proof. 1042 ez C Civil action (see Waivers, tax suits, civil action) Claim for refund, Claims for Refund Disallowance, Explanation of Any Claim for Refund Disallowance Estates on installment method, Claim for refund by estates electing the installment method of payment. 1042 ez Periods of financial disability, Periods of financial disability. 1042 ez Comments on publication, Comments and suggestions. 1042 ez Communications, privileged, Confidentiality privilege. 1042 ez , Confidentiality privilege. 1042 ez Confidentiality, Confidentiality privilege. 1042 ez , Confidentiality privilege. 1042 ez D Disability (see Financial disability, periods of) Disaster areas, abatement of interest, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions E Employment status, Tax Court review of, Jurisdiction for determination of employment status. 1042 ez Estates Claim for refund, Claim for refund by estates electing the installment method of payment. 1042 ez Examination of returns, Examination of Returns F Fast track mediation, Fast track mediation. 1042 ez Financial disability, periods of Claim for refund, Periods of financial disability. 1042 ez Form 8379, Injured spouse exception. 1042 ez 8857, Form 8857. 1042 ez Free tax services, Free help with your tax return. 1042 ez H Help (see Tax help) I Injured spouse, Injured spouse exception. 1042 ez Innocent spouse relief, Tax Court review of request for relief from joint and several liability on a joint return. 1042 ez , Relief from joint and several liability on a joint return. 1042 ez Installment agreement, Installment Agreement Request Installment method Estates, claim for refund by, Claim for refund by estates electing the installment method of payment. 1042 ez Interest Abatement Disaster areas, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions Error or delay by IRS, Abatement of Interest Due to Error or Delay by the IRS Terrorist attacks, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions Netting, overlapping underpayments and overpayments, Interest Netting Suspended, Suspension of interest and penalties. 1042 ez J Joint and several liability, relief from, Tax Court review of request for relief from joint and several liability on a joint return. 1042 ez , Relief from joint and several liability on a joint return. 1042 ez L Losses Disaster area, Disaster area claims for refund. 1042 ez Low Income Taxpayer Clinics, Low Income Taxpayer Clinics. 1042 ez M Mediation, fast track, Fast track mediation. 1042 ez More information, Useful Items - You may want to see: N Notice of deficiency Timely mailing, Suspension of interest and penalties. 1042 ez Notices Third party contacts, Notice of IRS contact of third parties. 1042 ez O Offer in compromise, Offer in Compromise Overpayments Offsets against state tax, Offset of past-due state income tax obligations against overpayments. 1042 ez P Penalties, suspended, Suspension of interest and penalties. 1042 ez Practitioners, federally authorized Confidential communications, Confidentiality privilege. 1042 ez , Confidentiality privilege. 1042 ez Presidentially declared disaster, Disaster area claims for refund. 1042 ez Publications (see Tax help) R Refund, Claims for Refund, Periods of financial disability. 1042 ez , Offset of past-due state income tax obligations against overpayments. 1042 ez Reduced, Reduced Refund Refund deadline postponement, Postponed refund deadlines. 1042 ez Refund or credit before court decision, Refund or Credit of Overpayments Before Final Determination Rights Communications, privileged, Confidentiality privilege. 1042 ez , Confidentiality privilege. 1042 ez Requests to waive, Prohibition on requests to taxpayers to give up rights to bring civil action. 1042 ez S Suggestions for publication, Comments and suggestions. 1042 ez T Tax Court, Appeals to the Courts, Tax Court Employment status, review of, Jurisdiction for determination of employment status. 1042 ez Innocent spouse relief, review of request for, Tax Court review of request for relief from joint and several liability on a joint return. 1042 ez Refund or credit before decision, Refund or Credit of Overpayments Before Final Determination Tax help, How To Get Tax Help Taxpayer Advocate, Taxpayer Advocate Service. 1042 ez Taxpayer Advocate Service, Taxpayer Advocate Service. 1042 ez Terrorist attacks, abatement of interest, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions Third party authorization, Third party authorization. 1042 ez TTY/TDD information, How To Get Tax Help W Waivers Tax suits, civil action, Prohibition on requests to taxpayers to give up rights to bring civil action. 1042 ez Z Zero rate, overlapping periods of interest (see Interest, netting) Prev  Up     Home   More Online Publications