A recent report from the Treasury Inspector General for Tax Administration looked to determine whether the IRS has effective controls and processes in place to ensure that taxpayers and retirement income providers are correctly computing and reporting the taxable portion of retirement income. Their findings? Not quite. While the IRS’s Automated Underreporter Program is effectively determining the proper reporting of retirement income when Form 1099-R discloses the taxable amount of the retirement distribution, but that additional tax form information, if available, would improve compliance even more. Specifically, TIGTA recommended the IRS clarify the meaning of “taxable amount not determined” and include the dates needed to identify retirement savings program distributions and transfers not rolled over within 60 days as required. The IRS substantially agreed with TIGTA’s recommendations, but did question the relevance of reporting on distribution and rollover contribution dates.
The deal could have positive and negative effects on life insurers' $422 billion in U.S. debt securities.
Pan-American and Lincoln have both added top IT executives.
Analysts say persistent low rates could force issuers to add to LTCI reserves.
Sponsored by Cetera Financial Group
Do you know the difference between client experience and customer service? The answer is crucial.
Sponsored by T. Rowe Price Investment Services, Inc.
The “reflation trade” appears real, but risks are still elevated.
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