Tax-Shelter Annuities - A Primer

Article Abstract:

The study of the tax sheltered annuity (TSA) as a pre-tax investment plan for employees stressed that it is only available to public school teachers and workers of certain non-profit organizations. Regulations of such TSAs are established in Internal Revenue Code (IRC) Section 403 (b). Maximum contribution limits are based on term of service, salary and other factors. The term Maximum Exclusion Allowance (MEA) is now used to label the largest permitted contribution. Three key uses of TSAs are as: 1. pre-tax savings, 2. a thrift plan, and 3. a supplemental retirement plan. A summary is presented of some of the income and estate tax problems relavent to a TSA thrift plan. When a TSA is used it is required to meet Internal Revenue Service (IRS) and Department of Labor rules. Customarily the Employee Retirement Income Security Act (ERISA) Title 1 requirements must also be followed.

Analysis, Study and teaching, Tax shelters, Annuities

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State withholding from qualified plan distributions

Article Abstract:

The fifty states' requirements on withholding from qualified plan distributions are surveyed. The data for the survey was provided by a 1992 review of laws, regulations and government publications. All states requiring withholding permit the payee to elect against that practice. While most states do not require withholding, it is permitted voluntarily. The states are listed alphabetically and under each the withholding requirements are summarized with statutory, regulatory or other authority for that practice. The method for withholding is also summarized.

Surveys, Withholding tax

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