Hello All NUA Experts!
Given:
Company Stock in a company X 401k Hourly Savings Plan
Company Stock in a company X 401k Salaried Savings Plan
No disqualifying 401k distributions from either 401k plan since age 59.5 and current age > 59.5
Question:
Does the company X stock in both the hourly and the salaried savings plan have to be part of a lump sum distribution of both plans for a given tax year to take advantage of the NUA OR can a LSD be done in year x for 1 plan and year x+1 for the other plan while still taking advantage of the NUA?
Does the IRS consider multiple 401k plans at one company the same plan, or different plans (i.e. sort of like the IRS treating all IRA's held at different institutions as a single IRA for tax purposes)?
Given:
Company Stock in a company X 401k Hourly Savings Plan
Company Stock in a company X 401k Salaried Savings Plan
No disqualifying 401k distributions from either 401k plan since age 59.5 and current age > 59.5
Question:
Does the company X stock in both the hourly and the salaried savings plan have to be part of a lump sum distribution of both plans for a given tax year to take advantage of the NUA OR can a LSD be done in year x for 1 plan and year x+1 for the other plan while still taking advantage of the NUA?
Does the IRS consider multiple 401k plans at one company the same plan, or different plans (i.e. sort of like the IRS treating all IRA's held at different institutions as a single IRA for tax purposes)?
Statistics: Posted by sonazom — Sun Oct 20, 2024 11:22 pm — Replies 0 — Views 46