Life Expectancy
Definition The number of years that a participant is expected to live, as defined by regulations. Life expectancies are provided in the life-expectancy tables, which
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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Leased Employee
Definition Any person who is not an employee of the recipient and who provides services to the recipient if— such services are provided pursuant to
Multi-Generational IRA
Definition Also referred to as “Extended IRA’, or Stretch IRA (The term Stretch IRA® is copyrighted by Wealth Advisory Group. Used with Permission) Term used
Modified Adjusted Gross Income (MAGI)
Definition Modified Adjusted Gross Income (MAGI) is an individual’s adjusted gross income without taking into account any of the following amounts. IRA deduction. Student loan
Minimum distribution incidental benefit (MDIB)
Definition RMD rule that required the RMD to be calculated using a MDIB table which assumed the beneficiary was ten years younger than the participant,
Minimum Coverage Test
Definition A test that must be performed for qualified plans and 403(b)s to ensure the plan meets one of the following requirements: The plan benefits
Matching Contribution
Definition Contributions made by the employer in addition to&contingent upon salary-deferral contributions made by the participant. Matching contributions can be made to 401(k) plans-including SIMPLE
Married Filing Separately
Definition Husband and wife , whose status of being married are defined under federal , who are eligible to file jointly, but elect to file
Married Filing Jointly
Definition Husband and wife , whose status of being married are defined under federal , who file a joint tax return. A joint tax return
Notice
Definition IRS Notice: A notice is a public pronouncement that may contain guidance that involves substantive interpretations of the Internal Revenue Code or other provisions
