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September 12, 2019

Do Tax, says the IRS

The IRS issued a Revenue Ruling (RR 2019-19) affirming that a taxpayer cannot delay inclusion of a retirement plan distribution by not cashing the distribution check. 

In summary, a qualified retirement plan distribution is includible in income in the year of the distribution, without regard to whether the check is cashed in that year.  The plan administrator must accomplish the requisite tax withholding of the plan distribution and provide the beneficiaries their requisite IRS Form 1099-R.

 

The information contained in this article is provided as general guidance and may be affected by changes in law or regulation. This article is not intended to replace or substitute for accounting or other professional advice. Please consult a CBIZ professional. This information is provided as-is with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.

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