Understanding IRAs and Authoritative Hierarchy Flashcards
(13 cards)
1
Q
Employee Retirement Income Security Act of 1974
A
- ERISA
- Created Traditional IRAs
- Effective Jan 1, 1975
2
Q
Taxpayer Relief Act of 1997
A
- Eliminate the excess distribution penalty tax
- Eliminate excess accumulation estate tax
- Expanded the exceptions for early distribution
- Created Education and Roth IRAs
3
Q
Economic Growth and Tax Relief Reconciliation Act of 2001
A
- Increased annual contribution limits for Traditional and Roth IRAs
- Allowed for catch-up contributions
- Allowed for IRA contributions to made to a qualified employer plan.
- Introduced a tax credit for contributions for low income savers.
- Created small employer tax credit for start-up costs
- Increased portability between IRA and Employer plans
- Created the Qualified Roth Contribution programs for 401K and 403B plans.
4
Q
Pension Protection Act of 2006
A
- PPA
- Made EGTRRA 2001 Permanent
- Allowed beneficiary rollovers from Qualified Plans to Trad and Roth IRAs
- Created QCDs Qualified Charitable Distributions
5
Q
IRC 72(t)
A
- Early distribution penalty tax exceptions - 1st time home buyers, education, etc.
6
Q
IRC 219
A
Addresses IRA deductions
7
Q
IRC 401 (a)(9)
A
Distribution rules
8
Q
IRC 402
A
Rollover rules
9
Q
IRC 408
A
General IRA rules
10
Q
IRC 408A
A
Roth IRA rules
11
Q
IRA Authority Structure
A
- Internal Revenue Code
- Treasury Regulations
- Revenue Rulings
- Revenue Procedures
- Announcements and Notices
- IRS Publications
- Forms and Instructions
- News Releases
- Private Letter Rulings
12
Q
Treasury Regulations
A
- Interpret legislation written by Treasury Department
- Create rules necessary to execute legislation written by Congress
- Describe the internal procedures of government agencies.
13
Q
60 Day IRA to IRA rollover rule - when does the clock start
A
- Starts the day after the owner receives assets.
- Saturday, Sunday, and Holidays count in the 60 days.
