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Printable Form 5304-SIMPLE Rockford Illinois: What You Should Know

IRS The IRS has announced their intention to issue new guidelines that are applicable to all retirement plans. If you have an IRS-defined retirement plan, this could affect you. This guide will help you determine if this could impact your retirement¬† benefits. To be an eligible participant in an IRA or other retirement plan, you must be 60 or older and meet the following age requirements. The IRA and Roth IRA are eligible for the additional retirement options if: You have a modified adjusted gross income (AGI) of 65,000 or less. ‚ÄčIn order for an IRA or Roth IRA to qualify for a Retirement Option for Individuals (RIA) and/or Tax-Free Roth IRA, you¬† must meet the following two requirements: Your modified AGI is 61,000 or less. You are eligible for, and have a modified adjusted gross income (MAGI) equal to or greater than the threshold. ‚ÄčIn addition to meeting the above requirements, if you meet the two requirements above, ‚Äč the first retirement options offered to ‚ÄčYou are eligible to participate in a Retirement Option for Individuals (RIA) (as defined in IRS publication 559 at Internal Revenue Code Sec. ‚Äč1101) at least 60 days each calendar year, and not more frequently than once during the¬† tax year You are not already eligible to participate in an IRA for which you have already made a qualifying withdrawal during the¬† tax year If you are eligible for RIA, and you are between the ages of 53 and 62, you are eligible to¬† participate in a Tax Free Roth IRA (as defined in IRS Publication 514 at Internal Revenue Code Sec. 6011. If you are age 59 and over at the time you make a qualifying withdrawal from an IRA as described above, you must have received a qualified distribution from an IRA that is at least as large as the amount of a qualified tax-free distribution received from you during the same tax year. You or your employer may determine which IRA is at least as large as a¬† qualified distribution. You may make eligible withdrawals from all IRAs without paying tax on each withdrawal (even if your IRA pays taxes on eligible withdrawals). The IRA administrator has the option to make a qualified distribution from your IRA, after you have made a qualified withdrawal, at any time while you are still at any age.

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