If you've been looking forward to putting more assets into your 401K plan, after-tax "Roth" 401K accounts are coming in 2004:SEC. 617. OPTION TO TREAT ELECTIVE DEFERRALS AS AFTER-TAX ROTH CONTRIBUTIONS.....`(b) QUALIFIED ROTH CONTRIBUTION PROGRAM- For purposes of this section--`(1) IN GENERAL- The term `qualified Roth contribution program' means a program under which an employee may elect to make designated Roth contributions in lieu of all or a portion of elective deferrals the employee is otherwise eligible to make under the applicable retirement plan.....`(c) DEFINITIONS AND RULES RELATING TO DESIGNATED ROTH CONTRIBUTIONS- For purposes of this section--`(1) DESIGNATED ROTH CONTRIBUTION- The term `designated Roth contribution' means any elective deferral which--`(A) is excludable from gross income of an employee without regard to this section, and`(B) the employee designates (at such time and in such manner as the Secretary may prescribe) as not being so excludable.....`(d) DISTRIBUTION RULES- For purposes of this title--`(1) EXCLUSION- Any qualified distribution from a designated Roth account shall not be includible in gross income.....(f) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years beginning after December 31, 2003.
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