Qualified Retirement Plans

 When can I take a distribution from a 401(k)? 

Plan administrator question.

 What are the exceptions to the 10% 72(t) penalties?

Form 5329 

  What are the tax consequences of borrowing from my 401(k) plan? 

If you don’t meet the terms of the loan (or default) the money will count as ordinary income and a potential 10% penalty.

 How do I report a distribution from 401(k)? 

1099r

 What is Net Unrealized Appreciation (NUA) and what are the requirements to qualify for it? 

Stock owned in your 401k OF YOUR EMPLOYER. PUB 575 and NUA Forefield.

 When do I have to start taking distributions from a 401(k)? 

April 1st after the year you turn 70 1/2  then December 31st of that year and every year after that. 

NO RMD deferral for 5% owners. Required beginning date - Unless the rule for 5% owners applies, you generally must begin to receive distributions from your qualified retirement plan by April 1 of the year that follows the later of: The calendar year in which you reach age 70 ½  , or The calendar year in which you retire from employment with the employer maintaining the plan. However, your plan may require you to begin to receive distributions by April 1 of the year that follows the year in which you reach age 70 ½  , even if you have not retired. If you reach age 70 ½  in 2014, you may be required to receive your first distribution by April 1, 2015. Your required distribution then must be made for 2015 by December 31, 2015.

 5% owners. If you are a 5% owner, you must begin to receive distributions from the plan by April 1 of the year that follows the calendar year in which you reach age 70 ½  . This rule does not apply if your retirement plan is a government or church plan. You are a 5% owner if, for the plan year ending in the calendar year in which you reach age 70 ½  , you own (or are considered to own under section 318 of the Internal Revenue Code) more than 5% of the outstanding stock (or more than 5% of the total voting power of all stock) of the employer, or more than 5% of the capital or profits interest in the employer. 70 ½  . 

http://www.law.cornell.edu/uscode/text/26/318

You reach age 70 ½ on the date that is 6 calendar months after the date of your 70th birthday. For example, if your 70th birthday was on June 30, 2014, you reached age 701 2 on December 30, 2014. If your 70th birthday was on July 1, 2014, you reached age 701 2 on January 1, 2015. Combining multiple accounts to satisfy the minimum distribution requirements- Generally, the required minimum distribution must be figured separately for each account. Each qualified employee retirement plan and qualified annuity plan must be considered individually in satisfying its distribution requirements. However, if you have more than one tax-sheltered annuity account, you can total the required distributions and then satisfy the requirement by taking distributions from any one (or more) of the tax-sheltered annuities. Employer plans you must take separately except the 403b which you can combine. Also you can combine the IRA’s and take the distribution from one account.

o Will a public safety client be able to exclude insurance premiums if he rolls 457 plan into an IRA?

http://www.irs.gov/pub/irs-pdf/p721.pdf