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Sample 1040ezSample 1040ez 8. Sample 1040ez Distributions and Rollovers Table of Contents DistributionsMinimum Required Distributions No Special 10-Year Tax Option Transfer of Interest in 403(b) ContractAfter-tax contributions. Sample 1040ez Permissive service credit. Sample 1040ez Tax-Free RolloversHardship exception to rollover rules. Sample 1040ez Eligible retirement plans. Sample 1040ez Nonqualifying distributions. Sample 1040ez Second rollover. Sample 1040ez Gift Tax Distributions Permissible distributions. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez In general, the same tax rules apply to distributions from 403(b) plans that apply to distributions from other retirement plans. Sample 1040ez These rules are explained in Publication 575. Sample 1040ez Publication 575 also discusses the additional tax on early distributions from retirement plans. Sample 1040ez Retired public safety officers. Sample 1040ez 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. Sample 1040ez The premiums can be for you, your spouse, or your dependents. Sample 1040ez A public safety officer is a law enforcement officer, fire fighter, chaplain, or member of a rescue squad or ambulance crew. Sample 1040ez For additional information, see Publication 575. Sample 1040ez Distribution for active reservist. Sample 1040ez The 10% penalty for early withdrawals will not apply to a qualified reservist distribution attributable to elective deferrals from a 403(b) plan. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez Check with your employer, plan administrator, or provider to find out whether this rule also applies to pre-1987 accruals. Sample 1040ez 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. Sample 1040ez For each year thereafter, the minimum distribution must be made by the last day of the year. Sample 1040ez 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. Sample 1040ez No Special 10-Year Tax Option A distribution from a 403(b) plan does not qualify as a lump-sum distribution. Sample 1040ez This means you cannot use the special 10-year tax option to calculate the taxable portion of a 403(b) distribution. Sample 1040ez For more information, see Publication 575. Sample 1040ez Transfer of Interest in 403(b) Contract Contract exchanges. Sample 1040ez 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. Sample 1040ez This was previously known as a 90-24 transfer. Sample 1040ez A contract exchange is similar to a 90-24 transfer with one major difference. Sample 1040ez Previously, you were able to accomplish the transfer without your employer’s involvement. Sample 1040ez After September 24, 2007, all such transfers are accomplished through a contract exchange requiring your employer’s involvement. Sample 1040ez In addition, the plan must provide for the exchange and the transferred interest must be subject to the same or stricter distribution restrictions. Sample 1040ez Finally, your accumulated benefit after the exchange must be equal to what it was before the exchange. Sample 1040ez Transfers that do not satisfy this rule are plan distributions and are generally taxable as ordinary income. Sample 1040ez Plan-to-plan transfers. Sample 1040ez 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. Sample 1040ez Both the initial plan and the receiving plan must provide for transfers. Sample 1040ez Your accumulated benefit after the transfer must be at least equal to what it was before the transfer. Sample 1040ez The new plan’s restrictions on distributions must be the same or stricter than those of the original plan. Sample 1040ez Tax-free transfers for certain cash distributions. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez The amount of cash reinvested in the new contract. Sample 1040ez Your investment in the old contract on the date you receive your first cash distribution. Sample 1040ez Also, you must attach the following items to your timely filed income tax return in the year you receive the first distribution of cash. Sample 1040ez A copy of the statement you gave the new insurer. Sample 1040ez A statement that includes: The words ELECTION UNDER REV. Sample 1040ez PROC. Sample 1040ez 92-44, The name of the company that issued the new contract, and The new policy number. Sample 1040ez Direct trustee-to-trustee transfer. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez After-tax contributions. Sample 1040ez 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. Sample 1040ez If the rollover is to or from a 403(b) plan, it must occur through a direct trustee-to-trustee transfer. Sample 1040ez Permissive service credit. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez Check with your plan administrator as to the type and extent of service that may be purchased by this transfer. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez Conversion amounts are generally includible in your taxable income in the year of the distribution from your 403(b) account. Sample 1040ez See Publication 590 for more information about conversion into a Roth IRA. Sample 1040ez Note. Sample 1040ez A participant is required to roll over distribution amounts received within 60 days in order for the amount to be treated as nontaxable. Sample 1040ez Distribution amounts that are rolled over within the 60 days are not subject to the 10% early distribution penalty. Sample 1040ez Rollovers to and from 403(b) plans. Sample 1040ez You can generally roll over tax free all or any part of a distribution from an eligible retirement plan to a 403(b) plan. Sample 1040ez 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. Sample 1040ez Converted amounts are generally includible in your taxable income in the year of the distribution from your 403(b) account. Sample 1040ez See Publication 590 for more information on conversion into a Roth IRA. Sample 1040ez 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). Sample 1040ez 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. Sample 1040ez For more information on rollovers and eligible retirement plans, see Publication 575. Sample 1040ez 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. Sample 1040ez Hardship exception to rollover rules. Sample 1040ez 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. Sample 1040ez To obtain a hardship exception, you must apply to the IRS for a waiver of the 60-day rollover requirement. Sample 1040ez You apply for the waiver by following the general instructions used in requesting a letter ruling. Sample 1040ez These instructions are stated in Revenue Procedure 2013-4, 2013-1 I. Sample 1040ez R. Sample 1040ez B. Sample 1040ez 126 available at www. Sample 1040ez irs. Sample 1040ez gov/irb/2013-01_IRB/ar09. Sample 1040ez html, or see the latest annual update. Sample 1040ez You must also pay a user fee with the application. Sample 1040ez The user fee for a rollover that is less than $50,000 is $500. Sample 1040ez For rollovers that are $50,000 or more, see Revenue Procedure 2013-8, 2013-1 I. Sample 1040ez R. Sample 1040ez B. Sample 1040ez 237 available at www. Sample 1040ez irs. Sample 1040ez gov/irb/2013-01_IRB/ar13. Sample 1040ez html, or see the latest annual update. Sample 1040ez 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. Sample 1040ez For additional information on rollovers, see Publication 590. Sample 1040ez Eligible retirement plans. Sample 1040ez The following are considered eligible retirement plans. Sample 1040ez Individual retirement arrangements. Sample 1040ez Roth IRA. Sample 1040ez 403(b) plans. Sample 1040ez Government eligible 457 plans. Sample 1040ez Qualified retirement plans. Sample 1040ez If the distribution is from a designated Roth account, then the only eligible retirement plan is another designated Roth account or a Roth IRA. Sample 1040ez Nonqualifying distributions. Sample 1040ez 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. Sample 1040ez Rollover of nontaxable amounts. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez Direct rollovers of 403(b) plan distributions. Sample 1040ez You have the option of having your 403(b) plan make the rollover directly to a traditional IRA, Roth IRA, or new plan. Sample 1040ez Before you receive a distribution, your plan will give you information on this. Sample 1040ez It is generally to your advantage to choose this option because your plan will not withhold tax on the distribution if you choose it. Sample 1040ez Distribution received by you. Sample 1040ez If you receive a distribution that qualifies to be rolled over, you can roll over all or any part of the distribution. Sample 1040ez Generally, you will receive only 80% of the distribution because 20% must be withheld. Sample 1040ez If you roll over only the 80% you receive, you must pay tax on the 20% you did not roll over. Sample 1040ez You can replace the 20% that was withheld with other money within the 60-day period to make a 100% rollover. Sample 1040ez Voluntary deductible contributions. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez Excess employer contributions. Sample 1040ez 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. Sample 1040ez Its transfer does not affect the rollover treatment of the eligible portion of the transferred amounts. Sample 1040ez 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). Sample 1040ez Qualified domestic relations order. Sample 1040ez 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). Sample 1040ez 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. Sample 1040ez You can roll over your interest in the plan to a traditional IRA or another 403(b) plan. Sample 1040ez For more information on the treatment of an interest received under a QDRO, see Publication 575. Sample 1040ez Spouses of deceased employees. Sample 1040ez If you are the spouse of a deceased employee, you can roll over the qualifying distribution attributable to the employee. Sample 1040ez You can make the rollover to any eligible retirement plan. Sample 1040ez 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. Sample 1040ez Second rollover. Sample 1040ez 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. Sample 1040ez For more information, see IRA as a holding account (conduit IRA) for rollovers to other eligible plans in chapter 1 of Publication 590. Sample 1040ez Nonspouse beneficiary. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez The IRA will be considered an inherited account. Sample 1040ez 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. Sample 1040ez For more information on IRAs, see Publication 590. Sample 1040ez Frozen deposits. Sample 1040ez 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. Sample 1040ez The 60-day period cannot end earlier than 10 days after the deposit ceases to be a frozen deposit. Sample 1040ez 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. Sample 1040ez 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. Sample 1040ez Joint and survivor annuity. Sample 1040ez 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. Sample 1040ez More information. Sample 1040ez For information on the gift tax, see Publication 559, Survivors, Executors, and Administrators. Sample 1040ez Prev Up Next Home More Online Publications
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