7 billion to Individual Retirement Arrangements
Distributions from tax deferred annuities are subject to ordinary income taxes, unless rolled over into a traditional Individual Retirement Arrangement
(IRA), another 403(b) plan, a 401(k) plan, a 457 governmental plan, or a 401(a) qualified retirement plan.
A number of other income items contributed to the substantial growth of AGI: taxable Individual Retirement Arrangement
distributions increased 17.
This is another name for the original (regular) individual retirement arrangement
that was first made available in 1974 under the Employee Retirement Income Security Act (ERISA).
Form 5498, Individual Retirement Arrangement
Information: Beginning in 1997, Form 5498 is used to report contributions to three types of retirement plans: individual retirement arrangements
(IRAs), simplified employee pensions (SEPs) and SIMPLEs (plans for employees of small employers).
The fee for determination letter requests for certain employee plan terminations was lowered from $450 to $375 and the former $1,000 fee for certain opinion letter requests from individual retirement arrangement
sponsors in the employee master plans and prototype program was cut in half, to $500.
For this purpose, an owner-employee includes self-employed individuals, more-than-10% partners in a partnership, more-than-5% S shareholders and participants or beneficiaries of an individual retirement arrangement
(IRA), including an employer or group of employers that establishes IRAs for their employees.
Like all rollovers to IRAs, directed rollovers must be reported to the IRS by the IRA trustee or custodian on Form 5498, Individual Retirement Arrangement
Reporting is required for all contributions to or distributions from an individual retirement arrangement
(IRA), including an IRA that has been revoked.