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corkmeister

Rolling Over 403(b) Retirement Funds From Tiaa-cref

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Pardon my ingorance but the caption to IRC 403b is "Taxability of beneficiary under annuity purchased by section 501©(3) organization or public school". I think everyone understands that a 403b annuity includes mutual funds which are a permitted investment for a 403b annuity plan under IRC 403(b)(7).

 

Intruder,

 

You dazzle me with your technical expertise.

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Guest Skeptical
Intruder said: "this site is supposed to be the place to post questions on 403b annuity plans"

All:

I believe that this is the only place on the web that serves as resource for PARTICIPANTS. Not vendors or consultants, but those who have placed their own personal retirement savings at risk, and who in many cases have been fleeced by those who pretend to be advocates. If Corkmeister had opened his post as a PARTICIPANT trying to unwind a difficult situation, the responses would have been accommodating and helpful. But that is not what happened. In this case a vendor who has a current (or desired) financial relationship with a "client" looks for answers among the very PARTICIPANTS that know how the game is played. That is the beef. There are many, many places that pros can and do practice their methodology, but this is not one of them. I will remain relentless in defending PARTICIPANTS from the pros who wish to maintain the status quo. There are other ways for them to earn a living. Perhaps they'd better start thinking about that because their world IS changing!

 

How about this from 403bwise.com/About

Excerpt:

Our goal is to provide valuable information and education so that participants (emphasis added) can make informed investment decisions...

 

Regards,

Jim

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Guest Sierra

Joel:

 

You are the only one who understands what needs to be done to find out the answer.

 

 

Intruder:

 

Now that I find you in such a charitable mood I would like you to do the right thing and acknowledge that your statement: "NY and NJ exempt state retirement benefits from state income tax" is wrong.

 

 

Intruder: You too understand what needs to be done. You KNOW you just need to say that your statement, quoted above, is wrong. Why should such a simple request be so problematic for you? C'mon, we are all waiting to see if you have it in you to ADMIT that you are wrong.

 

Joel L. Frank

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Do you all realize how intimidating it is to read these arguments over and over in almost every single thread on the front page? How do you expect to help anyone if all you do is berate one another over and over again. Clean it up, please.. and let's get back to helping 403/457 participants with their questions.

 

 

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Guest Sierra

Do you all realize how intimidating it is to read these arguments over and over in almost every single thread on the front page? How do you expect to help anyone if all you do is berate one another over and over again. Clean it up, please.. and let's get back to helping 403/457 participants with their questions.

 

 

Vince:

 

There is no 'argument'. There is no difference of opinion. Intruder simply made a wrong assertion and refuses to admit it. I feel he/she should acknowledge that he stands corrected. Should this not be a requirement of civil discourse? As a fairminded individual may I respectfully request that you ask Intruder to step up to the plate and once and for all admit that he/she is wrong. He/she apparently needs a little push from participants other than me.

 

Peace and Hope,

Joel L. Frank

 

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No, I feel you should stand above these childish games and let things go. If someone rubs it into my face that I am wrong, am I then justified in doing the same to him? Hopefully you see that the best course of action is to simply stop, take a breath, then walk away. I do not intend to turn THIS discussion into another pointless argument either, so this is my last statement on the subject.

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Guest Sierra

No, I feel you should stand above these childish games and let things go. If someone rubs it into my face that I am wrong, am I then justified in doing the same to him? Hopefully you see that the best course of action is to simply stop, take a breath, then walk away. I do not intend to turn THIS discussion into another pointless argument either, so this is my last statement on the subject.

 

 

Vince: I appreciate your position in this matter even though I firmly disagree. Would anybody else like to comment about my reasonable request in asking Intruder to acknowledge that he is wrong?

 

Joel

 

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No, I feel you should stand above these childish games and let things go. If someone rubs it into my face that I am wrong, am I then justified in doing the same to him? Hopefully you see that the best course of action is to simply stop, take a breath, then walk away. I do not intend to turn THIS discussion into another pointless argument either, so this is my last statement on the subject.

 

 

Vince: I appreciate your position in this matter even though I firmly disagree. Would anybody else like to comment about my reasonable request in asking Intruder to acknowledge that he is wrong?

 

Joel

 

 

Would Intruder have been correct if he/she said "NY and NJ exempt SOME, BUT NOT ALL state retirement benefits from state income tax" ?????

 

 

http://www.state.nj.us/treasury/taxation/i...r.htm~mainFrame

 

New Jersey provides several income exclusions to enable you to reduce your taxable income. You may use the exclusions on your New Jersey income tax return every year you qualify.

Pension Exclusion

If you (and/or your spouse/civil union partner if filing jointly) are 62 years of age or older on the last day of the tax year, or you qualify as disabled under Social Security guidelines, you may be able to use the "Pension Exclusion" to exclude all or part of your taxable pensions, annuities, and IRA withdrawals provided your gross income for the entire year before subtracting any pension exclusion does not exceed $100,000.

The maximum amount you may exclude depends on your filing status. If you are married or in a civil union and file a joint return, you may exclude up to $20,000. If you file as single, head of household, or qualifying widow or widower/surviving civil union partner, you may exclude up to $15,000. If you and your spouse/civil union partner a separate return, you may exclude up to $10,000. If you file a joint return, and both of you qualify for the Pension Exclusion, you may apply the exclusion to the total taxable pension amount on your return. However, if only one spouse/civil union partner is age 62 or older or disabled, then only the income of the one who is age 62 or older or disabled may be excluded. For example: Mr. Miller is 64 and receives a taxable pension of $3,000. Mrs. Miller is 60 and receives a taxable pension of $5,000. The Millers can use the Pension Exclusion to exclude only $3,000 of their total pension income because only Mr. Miller qualifies for the exclusion.

 

http://www.tax.state.ny.us/pdf/publication.../pub36_1207.pdf

 

Pensions of New York

State, local

governments, and the

federal government

Qualified pension benefits or distributions received by officers and

employees of the United States, New York State, and local governments

within New York State, are exempt from New York State, New York City,

and Yonkers income taxes. This subtraction modification is allowed

regardless of the age of the taxpayer or of the form the payment(s) take.

This subtraction modification is allowed for a pension or distribution

amount (to the extent the pension or other distribution was included in your

federal adjusted gross income) from a pension plan which represents a

return of contribution in a year prior to retirement, as an officer, employee,

or beneficiary of an officer or an employee of:

− New York State including State and City University of New York and

the New York State Education Department who belong to the Optional

Retirement Program.

 

Pension and annuity

income exclusion

If you were age 59½ or older before January 1, 2007, you may exclude up

to $20,000 of your qualified pension and annuity income from your federal

adjusted gross income for purposes of determining your New York adjusted

gross income. If you became age 59½ during the tax year, the exclusion is

allowed only for the amount of pension and annuity income received on or

after you became 59½, but not more than $20,000.

 

Qualified pension and

annuity income includes:

− periodic payments for services you performed as an employee before

you retired;

− periodic and lump-sum payments from an IRA, but not payments

derived from contributions made after you retired;

− periodic distributions from an annuity contract (IRC section 403(b))

purchased by an employer for an employee and the employer is a

corporation, community chest fund, foundation or public school;

− periodic payments from an HR-10 (Keogh) plan, but not payments

derived from contributions made after you retired;

− lump-sum payments from an HR-10 (Keogh) plan, but only if federal

Form 4972, Tax on Lump Sum Distributions, is not used. Do not

include that part of your payment that was derived from contributions

made after you retired;

periodic distributions from government sponsored deferred

compensation plans (government IRC, section 457), for tax years

beginning on or after January 1, 2002; and− periodic distributions of benefits from a cafeteria plan (IRC section

125) or a qualified cash or deferred profit-sharing or stock bonus plan

(IRC section 401(k)), but not distributions derived from contributions

made after you retired.

The exclusion also applies to pension and annuity income received by an

estate or trust if the income meets the requirements as described above.

 

 

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Guest Skeptical

Any chance of letting this ugly thread die the death it deserves?

 

Cheers,

 

Jim

 

 

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Guest Sierra

Rick asks us: "Would Intruder have been correct if he/she said "NY and NJ exempt SOME, BUT NOT ALL state retirement benefits from state income tax" ?????

 

Yes Rick, he/she WOULD have been correct.

 

Having said that, thanks for standing up and proving to us that his/her assertion:

"NY and NJ exempt state retirement benefits from state income tax" is wrong.

 

It's just a shame that Intruder cannot acknowledge it.

 

Peace and Hope,

Joel L. Frank

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