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#2244651 - 10/27/20 11:39 AM Revenue Ruling 2020-24
burkemi Offline
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Rev. Rul. 2020-24 Withholding and Reporting With Respect to Payments From Qualified Plans to State Unclaimed Property Funds...

Maybe it's just too early and I'm overthinking, but this ruling specifically states (in multiple places) tax withholding implications on distributions from a qualified plan due to unclaimed property. Since this affects Section 3405 - Special Rules for Pensions, Annuities, and Certain Other Deferred Income, I assume that qualified plans will also include bank held IRAs. Right?
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#2244658 - 10/27/20 01:19 PM Re: Revenue Ruling 2020-24 burkemi
rlcarey Online
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rlcarey
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It appears that way to me - although you have some time to prepare for it.

A person will not be treated as failing to comply with the withholding and reporting requirements described in this revenue ruling with respect to payments made before the earlier of January 1, 2022, or the date it becomes reasonably practicable for the person to comply with those requirements.
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#2244665 - 10/27/20 02:08 PM Re: Revenue Ruling 2020-24 burkemi
John Burnett Offline
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Removed my earlier post, which was made in error.
Last edited by John Burnett; 10/27/20 02:34 PM.
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#2244698 - 10/27/20 05:30 PM Re: Revenue Ruling 2020-24 burkemi
burkemi Offline
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Thank You!
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