Deemed IRA?

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sitonatree
Posts: 25
Joined: Tue Apr 08, 2014 12:46 am

Deemed IRA?

Post by sitonatree »

Noticed there is "deemed IRA" section in IRS IRA documents. Obviously employer plans such as 401 and 403b could have separate accounts under the plan which are deemed IRA only subject to IRA rules. Our 403b is with TIAA, and the unmatched contributions go to RA or GSRA (both called "tax deferred annuity). Could these two accounts under the 403b be deemed RA?

Anybody has heard of this?

Thanks.
nelsona
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Post by nelsona »

You would n=know if your paln was a deemed IRA. 403(B) are not.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
sitonatree
Posts: 25
Joined: Tue Apr 08, 2014 12:46 am

Post by sitonatree »

Thanks for the quick reply. This is what I found

"A qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. An employee's account can be treated as a traditional IRA or a Roth IRA.

For this purpose, a “qualified employer planâ€￾ includes:
A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan),
A qualified employee annuity plan (section 403(a)plan),
A tax-sheltered annuity plan (section 403(b) plan),
and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state,or an agency or instrumentality of a state or political subdivision of a state."


Seems 403(b) could have "deemed IRA"?
nelsona
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Post by nelsona »

No. It's a 403(b). Your plan would have told you if it was a deemed IRA.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
nelsona
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Post by nelsona »

Note that it doesn't say 403(b) can be a deemed IRA. It says a plan, including 403(B), CAN CONTAIN a deemed IRA. Your plan manager would have told you this, and it is rare.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
LenryS
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Post by LenryS »

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