Fast Facts For Taxes

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Tax Fast Facts

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Question	1999	2000	2001

Individual Taxes
Personal Exemption	2750	2800
The personal exemption is reduced by 2% of AGI in excess of
... Married Filing Joint	189,950	193,400
... Single	126,600	128,950
... Head of Household	158,300	161,150
... Married Filing Separate	94,975	96,700



Retirement Related Questions
Keogh or HR-10 Plan
What is the maximum payroll for computation of the contribution to the plan?			170,000
What is the maximum annual contribution			35,000
When must the plan's paperwork be initially setup and the plan approved?			BEFORE the end of your tax year

Deadline for plan contributions?			Before filing your tax return (including the extensions)






Rollover Information
ROLLOVERS (a) IN GENERAL Rollovers are a flexible device used to transfer funds from one eligible retirement plan to another. A is a tax-deferred transaction in which cash or other property is distributed by a plan or an IRA, followed (or preceded) by contributions to another plan or IRA. <55> The generally must be made within 60 days of receipt of the property distributed, and, if the distribution is made from a qualified plan, must be made in the form of a direct transfer to avoid withholding. <56>. See for discussion of the rules on and the taxation of rollovers and direct transfers. For distributions after December 31, 2001, the IRS may waive the 60-day period if the failure to waive that requirement would be against equity or good conscience, including cases of casualty, disaster, or other events beyond the individual's reasonable control. Code Section 408(d)(3)(I). <57> For example, the IRS may issue guidance that includes objective standards for waiving the 60-day period, such as waiving the rule due to military service in a combat zone or during a presidentially declared disaster, or for a period during which the participant has received payment in the form of a check but has not cashed the check, or for errors committed by a financial institution, or in cases of inability to complete a due to death, disability, hospitalization, incarceration, restrictions imposed by a foreign country, or postal error. H. Conf. Rep. 107-84, 107th Cong., 1st Sess. (2001). For distributions before January 1, 2002, the IRS does not have authority to waive or extend the 60-day period, and has refused to do so even when taxpayers took all necessary actions in a timely manner, did not know that the distribution could be rolled over, or did not know that another party had acted against their instructions. <58> Rollovers can be made: (1) from qualified plans to qualified plans (2) from qualified plans to eligible governmental Code Section 457(b) plans, for distributions after December 31, 2001 (3) from qualified plans to Code Section 403(b) tax-sheltered annuities, for distributions after December 31, 2001 (4) from qualified plans to IRAs (5) from IRAs to IRAs (6) from IRAs to qualified plans (7) from IRAs to Code Section 403(b) tax-sheltered annuities, for distributions after December 31, 2001 (8) from IRAs to eligible governmental Code Section 457(b) plans, for distributions after December 31, 2001 (9) from eligible governmental Code Section 457(b) plans to eligible governmental Code Section 457(b) plans, for distributions after December 31, 2001, (10) from eligible governmental Code Section 457(b) plans to qualified plans, for distributions after December 31, 2001, (11) from eligible governmental Code Section 457(b) plans to Code Section 403(b) tax-sheltered annuities, for distributions after December 31, 2001, (12) from eligible governmental Code Section 457(b) plans to IRAs, for distributions after December 31, 2001 (13) from Code Section 403(b) tax-sheltered annuities to Code Section 403(b) tax-sheltered annuities, for distributions after December 31, 2001 (14) from Code Section 403(b) tax-sheltered annuities to qualified plans, for distributions after December 31, 2001 (15) from Code Section 403(b) tax-sheltered annuities to eligible governmental Code Section 457(b) plans, for distributions after December 31, 2001, and (16) from Code Section 403(b) tax-sheltered annuities to IRAs, for distributions after December 31, 2001

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