Form 709 for Maryland 2024-2025

Form 709 for Maryland: What You Should Know

Visit H&R Block to download your free 10 Things to Know About Retirement Plans — AICPA Here are the 10 things to know about retirement plans. 1. Your contributions to a registered retirement savings plan (RESP, annuity, etc.) and to a  defined contribution plan (i.e., a registered Canadian retirement savings plan (DSP)) have to be matched by an amount from an employer. (See IRS Contributions and Matching Rules) IRS Matching Rules 2. In IRS terms, the term “savings plan” refers to an account that meets the following criteria: For retirement funds (that is, cash saved in an RESP or FSA), one or more of the following are true: a) funds are kept in the account by more than 100% of any person contributing to it during the year or by more than 50% of the person who had a FSA at the end of the year. For purposes of this definition, an amount is considered to be held on the day that it is contributed to the account. b) the only withdrawals from the account are for the purpose of a taxable event (that is, for  retirement or to fund retirement-related travel, disability, or other qualified expenses) For annuity funds (that is, funds that are part of a defined benefit pension plan), one or more of the following are true: a) funds are kept in the account by more than 100% of the total value of an annuity contribution in the plan for the year or by more than 50% of the total value of the annuity contributions in the plan for the year. For purposes of this definition, a withdrawal includes a sale that occurs on or after the last day of the tax year. For further guidance on the tax effect of a sales-to-the-deferred distribution, see Retirement Savings Contributions and Matching Rules b) the only withdrawals from the account are for the purpose of a taxable event.

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