North Carolina Comprehensive Special Tax Notice Regarding Plan Payments
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How to fill out Comprehensive Special Tax Notice Regarding Plan Payments?
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FAQ
The 402(f) notice provides important information about rolling over an eligible rollover distribution (i.e., generally, any lump sum payment or series of installment payments over a period of less than 10 years) to another eligible retirement plan, or individual retirement account (IRA).
You are receiving this notice because all or a portion of a payment you are receiving from the Plan is eligible to be rolled over to either an IRA or an employer plan; or if your payment is from a Designated Roth Account to a Roth IRA or Designated Roth Account in an employer plan.
IRS Publication 575 is a document published by the Internal Revenue Service (IRS) that provides information on how to treat distributions from pensions and annuities, and how to report income from these distributions on a tax return. It also outlines how to roll distributions into another retirement plan.
This notice is intended to help you decide whether to do such a rollover. This notice describes the rollover rules that apply to payments from the Plan that are not from a designated Roth account (a type of account with special tax rules in some employer plans).
The 402(f) notice provides important information about rolling over an eligible rollover distribution (i.e., generally, any lump sum payment or series of installment payments over a period of less than 10 years) to another eligible retirement plan, or individual retirement account (IRA).
Part of the rationale for the special tax treatment on long-term capital gains, is to act as an incentive and reward for risking capital. To repeal or diminish this special treatment would serve as a penalty for taking risks.
Under the special rule, the net unrealized appreciation on the stock included in the earnings in the payment will not be taxed when distributed to you from the Plan and will be taxed at capital gain rates when you sell the stock.
