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• W171577914 abstract "Americans work most of their lives to accumulate money in qualified plans and IRAs to fund their retirement. Until recently, saving was only half the battle these taxpayers faced. Their other concern was the complex and generally inflexible distribution rules the IRS introduced in 1987. In response to complaints from taxpayers and their CPAs, as well as some prodding from Congress, on January 11, 2001, the Treasury Department proposed new regulations to replace them. The agency completely overhauled the prior provisions; the new rules should end years of taxpayer confusion and frustration. The proposed regulations incorporate major changes in four key areas: * The role of the required beginning date. * Beneficiary designations. * Treatment of lifetime distributions. * Treatment of postmortem distributions. IRA owners are allowed, but not required, to follow the new regulations for 2001. Qualified plan participants may not, however, take advantage of the new rules until their employers first amend the plans. The IRS has announced its intention to make the proposed regulations final effective January 1, 2002. CIRCLE THE DATE Under the 1987 distribution rules, two elections taxpayers made on the required beginning date--when mandatory minimum distributions must begin--were critical for those who wanted to optimize the tax-deferred growth of plan assets for both themselves and their designated beneficiaries. The first election concerned the designation of beneficiaries; the second fixed forever the method used to calculate required minimum distributions. A taxpayer who even inadvertently made an error in either election paid a high price for his or her folly by accelerating distributions and incurring higher income taxes. The new regulations strip the required beginning date of its importance. Hereafter, that date is simply the day on which taxpayers must begin taking minimum distributions. It has no other function or significance. BENEFICIARY DESIGNATIONS The proposed regulations vastly liberalize the requirements for designating a beneficiary and make both lifetime and postmortem planning easier for CPAs and their clients. They repeal the prior rule that taxpayers designate a beneficiary by the required beginning date. Instead, the final beneficiary designation may be postponed until December 31 of the calendar year immediately following the participant's or IRA owner's death. Yet this new provision may confuse some taxpayers and their CPAs and lull them into inaction. If a plan participant dies without designating a beneficiary or names his or her estate or a nonqualified trust, the retirement plan is treated as having no designated beneficiary. This means the distribution period cannot exceed the participant's life expectancy. The estate may not add beneficiaries after the participant's death. Under the proposed regulations the executor or the estate must make the final beneficiary determination from among the beneficiaries the participant has already designated by December 31 of the calendar year following the participant's death. If the participant dies before the required beginning date, the new regulations permit the executor or the estate to establish a separate account for each designated beneficiary. But the proposed regulations do not clearly state whether the same favorable treatment is available for a participant who dies after the required beginning date. Similarly, the new regulations do not provide clear guidance on whether the executor or estate can create separate shares when a participant who dies after the required beginning date has named a charitable organization or a nonqualified trust as one of several beneficiaries. The safest way to avoid this uncertainty is for CPAs to recommend that the client establish a separate account for each beneficiary during the client's lifetime. …" @default.
• W171577914 created "2016-06-24" @default.
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• W171577914 date "2001-12-01" @default.
• W171577914 modified "2023-09-27" @default.
• W171577914 title "New Rules for IRA Distributions: Proposed Regulations Should Mean Less Frustration for CPAs and Their Clients. (Tax/Employment Benefits)" @default.
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