Lists of Qualified Retirement Plans
Qualified retirement strategies are "qualified" due to the tax treatment that they receive under the Internal Revenue Code. Normally the qualified retirement plans are created by employers as part of the employee advantage packet. If you have doubt regarding retirement plan, you can also contact West Bloomfield Township lawyer.
To be on the lists of qualified retirement plans, the plan as to meet necessities set by the Internal Revenue Code When meeting these requirements the employer or self-employed individual is permitted to deduct the contributions to the plans Employees may be permitted to make additional contributions — pre-tax — and the employees are not immediately taxed on the contributions made.
A qualified retirement plan is the one that meets certain requirements of section 401(a) Internal Revenue Code and the Retirement Income Security Act of 1974. This is actually the category of qualified retirement plans.
– Defined benefit plan
– Defined contribution plan
– Hybrid plan
The second of the lists of qualified retirement plans protects the types of qualified retirement plans.
– Annuity Plans
– Money Purchase Plans
– Pension Plans
– Profit-sharing plans
The third of the lists of qualified retirement plans covers specifically qualified retirement plan identified by the huge benefits received.
– Government or 457 plans
– Keogh plans
– SIMPLE plans
– Tax-shelter plans
– 401(k) plans
Each one of these strategies has various explanations of tax advantages. They might be identified contribution or described gain or particularly for the self-employed.