Catch-all amendment
Definition A comprehensive amendment that covers all past amendments that should have been, but was not made up to period that the catch-all amendment is
Advisor Retirement Planning Resources
Tools that the financial, tax and legal advisor may use to simplify the rules and regulations that apply to tax-deferred retirement savings accounts- IRAs, Roth IRAs, employer 401(k) plans.
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Boomerang generation or boomerangers
Definition Term used to refer to children who return home to live with their parents, usually as a temporary measure to allow them to continue
Bonding
Definition Requirement that applies to individuals having control or authority over qualified plan assets- or generally handle plan assets- to protect the plan against fraud.
8888 (Form 8888)
Definition Form 8888, Direct Deposit of Refund, allows taxpayers to split their tax refunds in any proportion, and deposit the amounts into two or three
IRS Form 8880
Definition IRS Form 8880 is used to figure out the amount of Saver’s Credit for which an individual is eligible, and includes a built in
Form 8606
Definition Form 8606 (or IRS Form 8606). Nondeductible IRAs, should be filed if the IRA owner does any of the following: Made nondeductible contributions to
Form 5500 (5500 Annual Return/Report)
Definition Form used to report information concerning employee benefit plans and Direct Filing Entities (DFEs). Any administrator or sponsor of an employee benefit plan that
Form 5498 (or IRS Form 5498 or 5498).
Definition Form 5498 (or IRS Form 5498 or 5498). Form 5498, IRA Contribution Information, is a form that must be issued by IRA custodians and
Form 5330 (IRS Form 5330)
Definition IRS form used to report the tax on the following items: A minimum funding deficiency (section 4971). Nondeductible contributions to qualified plans (section 4972).
5329 (Form 5329)
Definition IRS Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, should be filed if the account owner does any of
