Albuquerque New Mexico online Form 8606 2024-2025

Albuquerque New Mexico online Form 8606: What You Should Know

Each IRA owner must select a trustee. Trusts include, but are not limited to, mutual funds, segregated funds, and tax-exempt securities trust funds. TRADITIONAL IRA ORGANIZATION. The term “traditional IRA” applies to an individual retirement account that has been in existence since before 1962, an annuity, a life insurance policy, or a 401(k) plan. An eligible IRA owner may elect the type of traditional IRA account he or she wishes to use, which will then be referred to as the “traditional IRA account” by the qualified electing trustee. However, if a qualified electing trustee intends to use a non-traditional IRA, called an “individual retirement account (IRA) (other than a 401(k), 403(b) or similar plan), then the trustee must choose a type of account from the list of eligible IRA accounts. In determining the types of accounts, a trustee can consult with tax counsel to determine which type of non-traditional IRA account is most appropriate for the IRA owner who has the greatest financial need. Once a trustee has made a selection and the beneficiary has been assigned a payment address, the trustee must send a Notice of Elected Plan to the IRS for the IRA owner. (Note: When the beneficiary selects a type of account, it must be in a “regular” bank account.) The Notice of Elected Plan is sent within 90 days after the election has been made and the IRA owner has selected an IRA plan and selected a trustee. As stated above, if a non-traditional IRA plan is chosen, the Notice of Elected Plan must contain a brief description of (a) the type of non-traditional IRA plan and any restrictions on withdrawals, and (b) the trustee on record for the IRA owner. The Notice of Elected Plan must also include the address, telephone number, and a copy of the tax registration for the IRA owner. This can be obtained from the trustee's office under Forms 1099-R, 1099-INT, 1099-MISC, or 1099-PAPER. The Notice of Elected Plan contains two important pieces of information: (1) the name and address of the trustee, (2) the type of account selected by the trustee from the list of eligible IRA accounts.

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