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RE: roth conversion
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Dave NWIL
Posted 1/30/2019 09:54 (#7283948 - in reply to #7283881)
Subject: RE: roth conversion ??


Tax on Early Distributions
If a distribution is made to an employee under
the plan before he or she reaches age 591
2, the
employee may have to pay a 10% additional tax
on the distribution. This tax applies to the
amount received that the employee must include in income.
Exceptions. The 10% tax won't apply if distributions before age 591
2 are made in any of the
following circumstances.
Made to a beneficiary (or to the estate of
the employee) on or after the death of the
employee.
Made due to the employee having a qualifying disability.
Made as part of a series of substantially
equal periodic payments beginning after
separation from service and made at least
annually for the life or life expectancy of
the employee or the joint lives or life expectancies of the employee and his or her
designated beneficiary. (The payments under this exception, except in the case of
death or disability, must continue for at
Page 19 of 28 Fileid: … tions/P560/2017/A/XML/Cycle04/source 16:58 - 12-Mar-2018
The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
Chapter 4 Qualified Plans Page 19
least 5 years or until the employee reaches
age 591
2, whichever is the longer period.)
Made to an employee after separation
from service if the separation occurred during or after the calendar year in which the
employee reached age 55.
Made to an alternate payee under a
QDRO.
Made to an employee for medical care up
to the amount allowable as a medical expense deduction (determined without regard to whether the employee itemizes deductions).
Timely made to reduce excess contributions under a 401(k) plan.
Timely made to reduce excess employee
or matching employer contributions (excess aggregate contributions).
Timely made to reduce excess elective deferrals.
Made because of an IRS levy on the plan.
Made as a qualified reservist distribution.
Made as a permissible withdrawal from an
EACA.
Reporting the tax. To report the tax on early
distributions, file Form 5329. See the form instructions for additional information about this
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