February 16, 2009
An eligible individual who participates in an employer sponsored retirement plan upon or after meeting the plan’s eligibility requirements. The term is also used to refer to individuals who maintain Traditional and Roth IRAs.
The plan document defines a participant
Governing plan document
A participant’s active status in an employer sponsored plan may affect his/her ability to deduct a Traditional IRA contribution
Definition A distribution that is excludable from the distributee’s income, as a result of meeting the following requirements: It is made after the distributee reaches
Definition Also known as the Saver’s Tax Credit: Nonrefundable tax credit available to eligible individuals who make contributions to their retirement account. The saver’s credit
Who is an active participant? Active participant status affects an individual’s eligibility to take a deduction for a contribution to a traditional IRA on his/her
Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the
