Rather than doing a rollover, a simpler method to transfer unused funds without tax consequences to another family member is to simply instruct the custodian of the QTP account to change the name of the beneficiary.Resources Research and Compare 529 Plans - Shop, Compare and Enroll in Section ...
Qualified plans must meet certain requirements, which are determined by tax law. Generally, the financial institution that serves as plan custodian will help the taxpayer meet the qualifications of the plan and notify the taxpayer of any updates. The following qualification rules also apply to a SI...
Other circumstances may require you to file Form 5329, including: When you receive a distribution from a retirement plan that meets an exception to the early distribution penalty but the exception is not indicated on theForm 1099-RorForm 1099-Qissued by the issuer or account custodian. In this...
1.4 The Custodian and its affiliates will not serve as a Trustee, Plan Administrator, Named Fiduciary or Third-Party Administrator for the Plan. Neither the Custodian nor its affiliates shall have any duty, obligation or responsibility for the administration of the Plan or its qualification under t...
A qualified longevity annuity contract (QLAC) is a special type of longevity annuity purchased in an IRA or a qualified retirement account such as a 401(k). Lifelong income payments are delayed until the contract owner reaches an advanced age (up to age 85). Because the annuity income is ...
I have an IRA with both pre-tax and non-deductible contributions. The custodian firm doesn't have my cost basis back to 1988 when I started making non-deductible contributions. They said if I transfer the money in my IRA to an immediate annuity they would report it as all pre-tax money...