IRS Issues Guidance on In-Plan Roth Rollovers

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On November 26, 2010, the IRS issued Notice 2010-84, providing guidance, in the form of 20 questions and answers, regarding in-plan Roth rollovers. The Notice answers certain questions regarding eligible distributions, plan amendments and tax recognition rules.

Background

Section 2112 of the Small Business Jobs Act (P.L. 111-240), signed into law by President Obama earlier this year, permits rollovers of eligible distributions from a non-Roth account into a designated Roth account in the same plan. Prior law allowed participants to roll over qualified plan distributions to a Roth IRA outside of the plan, but did not permit rollovers to designated Roth accounts within the plan.

Highlights of Notice 2010-84 include...

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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