Okla. Admin. Code § 590:10-13-5

Current through Vol. 42, No. 4, November 1, 2024

Section 590:10-13-5 - Tax treatment of excess contributions

(a) To the extent permitted by the Private Letter Ruling, the Excess Contributions and Earnings that are transferred to the Incentive Plan will not be considered as an annual addition to the Incentive Plan for purposes of Code Section 415(c).

(b) To the extent required by the Private Letter Ruling, the Board will report the Excess Contributions and Earnings that are transferred to the Incentive Plan on 1099-Rs for the year of the transfer. The entire amount will be reported as non-taxable.

(c) To the extent permitted by the Private Letter Ruling, all Post-tax Excess Contributions transferred will be identified in the Incentive Plan and on 1099-Rs as the Eligible Member's tax basis.

Okla. Admin. Code § 590:10-13-5

Added at 16 Ok Reg 610, eff 12-2-98 (emergency); Added at 16 Ok Reg 2010, eff 6-11-99; Amended at 17 Ok Reg 194, eff 9-29-99 through 7-14-00 (emergency); Amended at 17 Ok Reg 3178, eff 7-27-00