Retirement Accounts
(01/01/18 - 12/31/18)
Retirement accounts (g) are not countable. The accounts contain funds in a plan or contract that meets the requirements as described in one of the following sections of the Internal Revenue Code of 1986:
Section 401(a), which includes funds commonly known as “tax qualified retirement plans,” including 401(k) and other plans, such as:
Cash Balance Plan
Employee Stock Ownership Plan
Keogh Plan
Money Purchase Pension Plan
Profit-Sharing Plan
Simple 401(k)
Section 403(a), which includes funds that are similar to 401(a) plans but are funded through annuity contracts
Section 403(b), which includes tax-sheltered annuities, custodial accounts, and retirement income accounts retirement plans for some employees of public schools and tax exempt organizations
Section 408, which includes traditional Individual Retirement Accounts and traditional Individual Retirement Annuities (IRAs)
Section 408A, which includes plans commonly known as “Roth IRAs” (including the “myRA”);
Section 457(b), which includes plans commonly known as “eligible deferred compensation plans” for employees of state or local government or tax-exempt entities
Section 501(c)(18), which includes plans funded by employee contributions
Funds in the Federal Thrift Savings Fund within the meaning of that term as used in section 7701(j) of the Internal Revenue Code of 1986 as defined by 5 U.S.C. 8439
Any other retirement plan or arrangement that is designated as tax-exempt under a successor or similar provision of the Internal Revenue Code of 1986
Any other retirement account determined by FNS to be appropriate for exclusion
NOTE When an early withdrawal occurs, deduct the early withdrawal penalty and count the remainder as a resource on LIAS.
Key the MR Financial Account Code on FIAC for retirement accounts, plans, or funds.