GUST
Definition Acronym used to refer to a collection of laws that changed some of the rules that apply to retirement plans. The laws are as
Advisor Retirement Planning Resources
Tools that the financial, tax and legal advisor may use to simplify the rules and regulations that apply to tax-deferred retirement savings accounts- IRAs, Roth IRAs, employer 401(k) plans.
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Golden Parachute Payments
Definition Also referred to as Income Averaging Any payment in the nature of compensation to (or for the benefit of) a disqualified individual if_ The
Gap Income
Definition Also referred to as gap-period income. Income accrued after the close of the plan year and prior to the distribution being processed to the
Form 8888
Definition Form 8888, Direct Deposit of Refund, allows taxpayers to split their tax refunds in any proportion, and deposit the amounts into two or three
8606 (Form 8606)
Definition Form 8606 (or IRS Form 8606). Nondeductible IRAs, should be filed if the IRA owner does any of the following: Made nondeductible contributions to
Form 5329
Definition IRS Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, should be filed if the account owner does any of
Fiscal year
Definition Twelve month period other than the calendar year, on which the employer operates it’s retirement plan. Instead of using the calendar year, an employer
First-Time Home Buyer
Definition An individual (and if married, such individual’s spouse) who had no present ownership interest in a principal residence during the 2-year period ending on
Fiduciary
Definition Any person who does any of the following: Exercises any discretionary authority or discretionary control respecting management of such plan or exercises any authority
Exclusion Allowance
Definition Also referred to as the maximum exclusion allowance (MEA). The excess, if any, of — (i) The amount determined by multiplying (a) 20 percent
