Retirement Issues. Chapter 9 pp National Income Tax Workbook
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1 Retirement Issues Chapter 9 pp National Income Tax Workbook
2 Retirement Issues p. 289 Taxation of Retirement Plan Distributions Impact of Income on Social Security Benefits & Medicare Premiums Types of Retirement Plans
3 Distributions p. 290 Payment includes: Recovered portion of basis Taxable amount TP cost = ADD: Premiums, contributions, Employer contributions (taxed) LESS: Refunds, unrepaid loans (not taxed), tax-free amounts recovered
4 Simplified Method pp For annuity paid under qualified plan TP cost divided by # expected paymts Use IRS Table in Pub 575 (1 life Table 1, > 1 life Table 2) For annuity under contract TP cost divided by # payments in contract
5 Example 9.1 pp
6 Traditional IRA-Based Plans p. 292 Normally TP has no basis Nondeductible contributions file F8606 If Roth IRA: Qualified distributions: No tax, no 10% If 5 yrs after contribution (+rollover) & after age 59 ½, or death, disability, 1 st -time home purchase Nonqualified: Earnings taxed + 10%
7 Loans to Participants pp Loan considered deemed distribution unless 1. Loan to be repaid over 5 years 2. Has level installments, principle & interest 3. Loan does not exceed lesser of: $50,000 less excess of highest loan $ last 12 mos over balance day of loan 50% of nonforfeitable benefit ($10,000 if greater)
8 Loans to Participants IRS position p. 293 IRS memo states 72(p)(2)(A) NOT clear Example: Feb Borrow $30,000 April repay May Borrow $20,000 July repay Dec Apply for $20,000 loan 1. No loan as 1 st 2 loans = $50, mo high $30,000 allow $20,000
9 Early Distributions pp For qualified plans, including IRAs, 10% additional tax if distribution before 59 ½ unless: Section 457 plans not subject to 10% Meet one of the exceptions (See Figure 9.2 on pp )
10 Exception for Substantially Equal Periodic Payments p. 295 Exception to 10% penalty if: Made at least annually AND Made for the life (or expectancy) of Employee or joint lives of Employee and beneficiary 3 methods for payments 1. RMD Method 2. Fixed Amortization Method 3. Fixed Annuitization Method
11 Substantially Equal Periodic Payments Modifications p. 296 Modifying method results in 10% penalty Exception if: Change from Fixed methods to RMD After later of 5 years or age 59 ½ Death, disability
12 Medical Expense Exclusion p. 296 No 10% penalty to extent distribution for deductible medical expenses Expense in excess of 10% AGI Applies even if not itemizing Expense must be incurred & not reimbursed
13 Required Minimum Distribution (RMD) pp By April 1 of year following attaining 70 ½ If none in year turning 70 ½ will have 2 distributions in following year No RMD for Roth IRA while owner alive Still working & participating in plan: later of 70 ½ or retirement (not if IRA or if 5% owner)
14 RMD Failure p. 297 Excise tax if fail to take RMD % of amount required to be distributed that was not distributed Form 5329 IRS can waive excise tax if: Reasonable error AND TP takes reasonable steps to remedy
15 RMD for Inherited IRAs p. 297 Timing of RMD depends on type of beneficiary and whether owner died before or after required beginning date Roth IRA No RMD during life of owner RMD for heirs as if owner s death occurred before required beginning date
16 RMD for Inherited IRAs Individual Beneficiaries p. 297 Individual Beneficiaries Begin payments by 12/31 of year following death year and: Death prior to RMD beginning date Using beneficiary s life or 5-year rule Death on or after RMD beginning date Using longer of beneficiary s or owner s life (using age just before death)
17 RMD for Inherited IRAs Spousal Beneficiaries pp Treat as spouse s own IRA 2. Roll to: Traditional IRA or Qualified employer plan, Qualified employee annuity plan 403(a) Tax-sheltered annuity plan 403(b) Deferred compensation plan 457(b) 3. Treat as beneficiary rather than spouse
18 Elect to Treat Spouse as Owner p. 298 Treat as spouse s own IRA All IRA rules apply 70 ½ for RMD Considered own IRA if: Makes contributions to inherited IRA No RMD for year as beneficiary of IRA Must be sole beneficiary to treat as own Must have unlimited right to withdrawal
19 Elect to Rollover p. 298 Rollover Must be sole beneficiary with unlimited right to withdraw from account Rollover election any time after death Spouse can roll a distribution from dec d spouse s IRA if general rollover rules met
20 Elect to Treat as Beneficiary p. 298 Spouse treated as beneficiary Owner died before required beg g date - Apply 5-year rule or RMDs based on surviving spouse s age Owner died before required beg g date RMD based on owner s age at death or spouse s age
21 Nonindividual Beneficiaries p. 298 Death on or after required beg g date - RMD based on owner s age - Table I Death before required beg g date 5 year rule applies See-thru trust Use oldest trust ben. s life expectancy
22 Impact on Social Security pp Earnings before FRA reduce benefits Before FRA: lose $1 for every $2 earned Year of FRA: lose $1 for every $3 earned up to month turns FRA
23 Impact on Medicare Premiums p. 300 Part A: Inpatient hospital care, nursing facilities, hospice, home health Part B: Doctor and lab services, screenings, physical therapy, med equip Part C: Offered through private insurance Part D: Prescription drug plan Income related monthly adjustment amount (IRMAA) for higher incomes
24 Calculating IRMAA p. 301 IRMAA: MAGI for most recent return filed MAGI = AGI + tax exempt income Medicare Part B Hold Harmless Rule: No increase if no COLA or if COLA < B increase (N/A if subject to IRMAA) TP must have paid B premium out of SS in Nov and Dec of prior year
25 Medicare Part B pp
26 Medicare Part D pp
27 Defined Benefit Plans pp Fixed preestablished retirement benefit Benefit based on # working years, age at retirement, compensation No salary deferrals Minimum funding standard - actuary Benefit cannot > $100% of highest 3 yrs average comp or $215,000 (62 in 2017)
28 Other issues for Defined Benefit Plans p. 304 Top-heavy = present value of benefits for key employees > 60% of those for employees Benefits may be increased for employees over the social security wage base Employer bears investment risk/reward Multiple options on payouts
29 Defined Contribution Plans p. 306 Formula calculates employer contribution Employee gets value in account Types: 1. Profit-sharing plans (k) component of profit-sharing (b) plans plans
30 Profit Sharing Plans pp Formula for employer contributions Must establish plan by last day of plan yr. Can be retroactive to first day Can exclude employees not age 21, not meeting certain # work years, under collective bargaining, certain nonresident aliens, EEs working < 1000 hours per year
31 Profit Sharing Plans pp Employer contributions: 0% - 25% compensation Lesser: 100% of comp or $54,000 (2017) Max compensation of $270,000 Make up to extended due date of return Can add 401(k) feature for employees to make additional contribution
32 Money Purchase & ESOP Plans p. 307 Money purchase plan - requires fixed annual contributions ESOP defined contribution plan Invests primarily in employer stock No immediate cash outlay for employer $ held in separate trust acct plan name Most provide investment choices
33 Reporting Profit Sharing Plans p Summary Plan Description: To EEs when join, beneficiary when benefits paid 2. Individual Benefit Statement: Quarterly if participant directed, otherwise annually 3. Summary Annual Report: Narrative of the annual 5500 given to employees 4. Form 5500, 5500-SF or 5500-EZ
34 Profit Sharing Plans Loans & Payout Options p. 309 Loans Lesser of $50,000 or ½ account balance Repay 60 mos & pay at least quarterly Payout options Lump sum, rollover to IRA (or other ER plan) or periodic distributions
35 401(k) Plans p. 310 Employees contribute, Employer may match Contribution Limits: Lesser of 100% of comp or $54,000 $18,000, $6,000 catch-up if 50 Employer deduction 25% total comp + all salary reductions
36 401(k) Plans Vesting & Nondiscrimination Testing p. 310 Vesting Salary deferrals immediately 100% vested Employer contributions can vest over time Nondiscrimination Annual testing to ensure HCE $ proportional to those of non HCEs HCE: > 5% owner or comp > $120,000 (can provide that >120K is HCE, only if top 20%)
37 401(k) Plans Limitations & Safe Harbor p. 311 Figure 9.12 NHCE Average Deferral Less than 2% Safe Harbor 401(k) no testing Allowed Deferral for HCE 200% of NHCE Between 2% and 8% NHCE + 2% More than 8% 125% of NHCE 100% vested 3% for all NHCEs or 100% vested match for 3%, 50% of next 2% or 100% vested match of 1 st 4%
38 401(k) Plans Alternative Testing p. 311 Alternative testing method: 1. Employees divided into groups and tested within each group 2. Each group is then tested against other groups
39 Solo 401(k) Plans p. 311 Covers business owner w/no employees Contributions: As employee: 100% comp up to $18,000 + $6,000 catch-up (age 50+) As employer: nonelective contribution up to 25% Overall max without catch-up: $54,000
40 Hardship Distributions pp Immediate & heavy financial need 1. Medical Care 2. Purchase of Principal Residence 3. Educational Payments 4. Foreclosure/Eviction from Principal Res. 5. Funeral and Burial Expenses 6. Repairs for Damage to Principal Res.
41 403(b) Plans p. 315 Plan for nonprofit entities May exclude certain employees Can have a Roth contribution feature Contribution limit: Lesser of 100% of comp ($270K max) or $54K $18,000 + $6,000 catch-up ( age 50)
42 403(b) Plans: Catchup for 15+ Years Service p. 315 If 15 years of service can increase deferral by smallest of: 1. $3, $15,000 less prior year additions 3. $5,000 x # service years less total elective deferrals (excluding catch-up) Yields max of $21,000 for 2017
43 Both Catch-up Provisions Apply p. 315 Ex 9.3 Age 50, 15 years, $70,000 comp Employee: $21,000 ($18,000 std + $3,000) Employer: $33,000 (to max $54,000) Employee: $6,000 age 50 catch-up Total Contributions for Pat = $60,000
44 Investment of Assets & Reporting p. 316 Investment of assets Annuity contract with insurance company Custodial account in mutual funds Retirement account for church employees Reporting Written plan + 401(k) admin reporting
45 457 Plans p. 318 State, political subdivisions, agencies, other organizations exempt under 501(c) For employees or independent contractors Nongovernment top-hat plans limit participation to HCE-type groups Not subject to nondiscrimination rules
46 457 Plans Participant Contribution p. 318 Lesser of 100% of comp or $18,000 Catch-up of $6,000 if age 50 or older No catch-up if tax-exempt org plan 3 years < retirement, lesser of: 2 x the annual limit ($36,000) or Basic annual limit + amount of basic limit not used in prior years (only allowed if not using $6,000 catch-up)
47 457 Plan Assets & Payouts p. 318 Plan Assets Set up in separate accounts/trusts but remain to ER creditors Plan Payouts Not until earlier of separation or age 70 ½ May permit in-service distrib. < $5,000
48 457 Plan Emergency Distributions p. 318 May distribute for emergency: 1. An illness or accident participant/family 2. Property loss by casualty not reimbursed 3. Funeral expense spouse/dependent 4. Unforeseen or extraordinary events beyond control of participant
49 457 Plan Reporting pp No 5500 filing but nongovernmental must file notification of plan s existence with Department of Labor
50 SIMPLE IRA Plan pp With 100 employees earning $5,000 No SIMPLE if offers any other qualified plan to EEs (unless collective bargaining) Set up through any financial provider Establish by Oct 1 of prior year Must give EEs 60-day notice of match Also 60-day notice every year
51 SIMPLE IRA Plan Participation p. 322 Eligible if $5,000 comp in any 2 prior years and to earn $5,000 in current year Can use minimum less than $5,000 Cannot require > 2 years prior service Can exclude collective bargaining EEs & nonresident aliens w/no US source income (no exclusion by age).
52 SIMPLE IRA Plan Contributions p. 322 Employee Contributions Lesser of $12,500 or 100% of comp Catch-up of $3,000 if age 50 (amount indexed for inflation)
53 SIMPLE IRA Plan Contributions p. 322 Employer Contribution Methods: 2% nonelective 2% of comp up to $270,000 employee contribution does not matter 100% match up to 3% of compensation Can be as low as 1% Cannot be < 3% for > 2 of 5 years
54 SIMPLE IRA Plan Assets & Reporting pp Investment in Plan Assets EE has complete control of EE account Reporting Annual summary & election notice to EEs Form 5498 from financial institution
55 SIMPLE IRA Plan Early Withdrawals p. 323 Subject to 10% early withdrawal penalty 25% penalty on distributions w/in 2 years of contribution prior to age 59 ½ Penalty exceptions may apply
56 SEP Plans p. 324 ER can contribute to IRAs owned by EEs 5305-SEP by extended due date of ER Participation: Age 21, working 3 of 5 years All eligible must participate including parttime, seasonal, part-year employees Exclude: collective bargaining, nonres. aliens w/no US source inc., < $600 comp
57 SEP Contributions p. 324 ER pays directly to SEP IRA for each EE Determined annually 0% to Max 25% of comp up to $54,000 Must be the same for each EE Can include social security integration
58 SEP Investing & Reporting p. 325 SEP accounts are IRAs under complete control of the employee No annual 5500 filing Financial Institution files Form 5498 annually (contributions & FMV) 1099-R for distributions
59 Thank You
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