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IRS Publication or Tax Adviser?

Column distributed by Hearst Connecticut Media Group.

Links to resources referenced:

  • IRS Publication 590-B, “Distributions from Individual Retirement Arrangements (IRAs) – For use in preparing 2014 Returns”
    • https://www.irs.gov/pub/irs-prior/p590b--2014.pdf
      • Related column excerpt:
        • “However, starting with the 2014 tax-year returns, the IRS split the publication into two sections: 590-A (which covered contributions to IRAs, along with the rules for rollover and conversion contributions) and 590-B (which dealt with distributions from IRAs, along with the rules for RMDs and IRA beneficiaries).”
  • IRS: “About Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs)”
    • https://www.irs.gov/forms-pubs/about-publication-590-b  
      • Related column excerpt:
        • “‘It also explains the penalties and additional taxes that apply when the rules aren’t followed. To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables.’”
  • U.S. House of Representative: United States Code, Title 26, Internal Revenue Code
    • https://uscode.house.gov/  
      • Related column excerpt:
        • “In general, is Publication 590-B a reliable source that offers comprehensive guidelines for important tax issues? Yes. However, it’s important to realize that it does not have the legal standing of the Internal Revenue Code.”
  • Morningstar: “When IRS Guidance Goes Wrong: How to Avoid Costly IRA Mistakes”
    • https://www.morningstar.com/retirement/when-irs-guidance-goes-wrong-how-avoid-costly-ira-mistakes  
      • Related column excerpt:
        • “‘The most reliable hierarchy of information begins with the Internal Revenue Code and Treasury Regulations, followed by official IRS rulings, notices, and announcements,’ Denise Appleby, CEO of Appleby Retirement Consulting Inc., wrote in the article ‘When IRS Guidance Goes Wrong: How to Avoid Costly IRA Mistakes.’ ‘A Private Letter Ruling can also be useful, but it applies only to the taxpayer to whom it is issued.’”