Early distribution
Referring Cite IRS § 72(t), Form 5329 and its instructions, IRS Publications 590 and 575 Additional Helpful Information The early distribution penalty applies to 457(b)
Distributions
Amounts withdrawn from IRAs , 401(k)s and other tax-deferred retirement accounts.
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Distribution
Definition Amount paid from a retirement plan as a reportable transaction. A distribution can be processed as a direct rollover or paid to the participant.
Substantially Equal Periodic Payment (SEPP) / 72(t) Payments
Definition A series of distributions from a qualified plan, 403(b) arrangement, or IRA, that are made in equal installment payments, over the life expectancy of
Nonrecalculation
Definition Method of determining life expectancy used to calculate post-death distributions, where once the life expectancy is determined in the determination year, 1 is subtracted
Nonqualified distribution
Definition A distribution from a Roth IRA or ESA that does not meet the requirements to be treated as a Qualified distribution- ESA or a
Nonperiodic payment (nonperiodic distribution)
Definition Distributions from a retirement account that are payable on demand , i.e. they can typically be requested in any amount at anytime. The tax
Periodic payment (periodic distribution)
Definition Periodic payments are made in installments at regular intervals over a period of more than 1 year. They may be paid annually, quarterly, monthly,
Qualified Terminable Interest Property (QTIP)
Definition Property that passes from the decedent, in which the surviving spouse has a qualifying income interest for life, and to which an election applies;
Qualified Retirement Plan (Qualified Plan)-QRP
Definition An employer sponsored retirement plan that meets certain requirements, as specified under Code Section 401(a). Qualified plans include defined benefit plans, money purchase pension
Qualified Joint And Survivor Annuity ( QJSA)
Definition Distribution option under a qualified plan or 403(b), where annuity payments are made to the participant for his/her lifetime and continues to his/her surviving
