Reportable
·Definition Retirement-Industry term used to refer to a transaction that occurs in a retirement account, which the plan administrator, IRA custodian, or payer is required
IRA
Individual retirement accounts include traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. Traditional and Roth IRAs are funded by the individual owner. SEP IRAs are funded by employers. SIMPLE IRAs are generally funded by employers and employees. Special tax rules apply to these accounts.
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T.C. Summary Opinion 2009-37: Bailey v. Commissioner: Early Distribution Penalty Applies, because the account is an IRA
This case confirms that the early distribution penalty exception for first time home buyers does not apply to retirement accounts unless they are IRAs, i.e.
Annual Addition
Definition An Annual Addition is the total amount credited to a participant’s account for any limitation year. This includes: Employer contributions; Employee contributions; and Forfeitures.
Debtor’s Right to IRA -Bankruptcy estate
A debtor’s right to receive payment from an IRA may be exempt from the bankruptcy estate under 11 U.S.C. § 522(d)(10)(E), even though the debtor has