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Inglewood California online Form 5500 - Schedule H: What You Should Know

Form This plan must comply with the provisions of this part, the provisions of regulations, and all applicable State, local or foreign laws, rules and regulations) If you file an individual retirement annuity (IRA) or lump sum plan at any time during the five-year period beginning on the effective date of this section, you must make a special return of information.  21. (a) You must report all payments of compensation or gain recognized by an annuity contract or an option contract as compensation on Form 1099-INT. You also must report any excess paid to an annuitant by reason of the participant's death. (Note: The payment must be reported as a benefit item, either a pension benefit or an annuity option, and it is not necessary to itemize payments of compensation or gain or report these payments in a separate Schedule H. See IRM 21.4.3.13, Payment of Compensation and Gain Recognized by an IRA or Lump Sum Plan for more information.) (b) However, an individual who is a dependent of the annuitant may receive more than a 10% rate of return on any such payment as long as the income earned by the dependent is included in determining the participant's return of income. (See section 1.861-1(d)(3) and IRM 21.1.3.12, Earned Income of Qualifying Widows and Widowers, for details.) If, in addition to receiving no distributions as a result of the death of the annuitant or the participant, the annuitant elects to have a surviving spouse become the annuitant on the rollover account, the plan must allow the payment of a lump sum that exceeds these amounts of compensation or gain recognized by the individual who is the annuitant to be credited to the surviving spouse's retirement plan account. The plan should include a statement in the plan that the lump sum or annuity award is a payment to the surviving spouse, and the plan should provide guidance on the amount of the lump sum.

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