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October 23, 2012

IRS Issues PLRs on IRAs


New Private Letter Rulings: The IRS has issued several private letter rulings (PLR) on matters related to IRAs and other retirement accounts. The following are a few:

  • PLR 201242024: Extending 60-day rollover period, because the taxpayer’s employer failed to follow the taxpayer’s instructions, resulting in a delay in meeting the 60-day deadline.
  • PLR 201242018: Providing an extension for completing a recharacterization.
  • PLR 201242021: Extending 60-day rollover period, due to miscommunication with financial advisor.

We will be providing more details on these and other rulings soon.

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Qualified Charitable Distribution (QCD)

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

Catch-up Contribution

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

Salary Deferral Contribution

Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages  contributed to his/ her employer sponsored plan  rather than

Key Employee

Definition An employee who, at any time during the plan year, is (i) an officer of the employer having an annual compensation greater than $180,000,

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