Rollover And Withholding Rules Forqualified Plan Distributions: Payment Paid To Surviving Spouses And Other Beneficiaries
Rules that apply to employee distributions (see rollover and withholding rules for qualified plan distributions: payment paid to employee) and that also apply to distributions to surviving spouses of employees and other beneficiaries. The surviving spouse can elect to have an eligible rollover distribution paid into a direct rollover to an individual retirement account (IRA) or to the surviving spouse. If the distribution is paid directly to the surviving spouse, that spouse may retain it or roll it over into an IRA. Beneficiaries other than the surviving spouse cannot elect a direct rollover, and cannot in turn roll over the distribution. Surviving spouse's and other beneficiaries' distributions are not subject to the additional 10% tax penalty, even if they are under the age of 59 1/2.
Popular Insurance Terms
Addition to the homeowners INSURANCE POLICY AND COMMERCIAL PACKAGE POLICY that provides liability and medical coverage for damages resulting from the operation of motor boats too large to ...
Act passed in 1996 that includes: an increase in the amount a nonworking spouse can contribute to an INDIVIDUAL RETIREMENT ACCOUNT (IRA) increased from $250 to $2000; creation of the ...
Highly visible form of marketing communication with the public with these objectives: (1) encourage agents and brokers to sell insurance company products, (2) predispose customers to be ...
Policy that has an initial premium with flexible premiums thereafter. Within limits, a policy owner can select both the future amount and frequency of premiums, or can stop and start ...
Action by insurance companies and agents to voluntarily refrain from business conduct that is misleading, fraudulent, and in general would have adverse consequences for the purchaser of the ...
Workers' premiums in a contributory employee benefit plan. ...
Coverage in the event of property damage or destruction resulting from wrongful installation of equipment. ...
Insurance company whose corporate charter and bylaws prevent assessment of its policyowners, regardless of how adverse its loss and expense experience may become. ...
Risk distribution included by type of coverage, by kind of risk, and by geographical location. ...
Have a question or comment?
We're here to help.