Publication 575 - Pension And Annuity Income - 2002
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34Department of the Treasury
Contents
Internal Revenue Service
Important Changes . . . . . . . . . . . . . . . . . . . . . . . . .
1
Publication 575
Important Reminder . . . . . . . . . . . . . . . . . . . . . . . .
2
Cat. No. 15142B
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Pension
General Information . . . . . . . . . . . . . . . . . . . . . . . .
3
Variable Annuities . . . . . . . . . . . . . . . . . . . . . . .
4
Section 457 Deferred Compensation Plans . . . . .
5
and Annuity
Disability Pensions . . . . . . . . . . . . . . . . . . . . . . .
5
Railroad Retirement . . . . . . . . . . . . . . . . . . . . . .
5
Withholding Tax and Estimated Tax . . . . . . . . . .
8
Income
Cost (Investment in the Contract) . . . . . . . . . . . . .
9
Taxation of Periodic Payments . . . . . . . . . . . . . . .
9
Fully Taxable Payments . . . . . . . . . . . . . . . . . . . 10
For use in preparing
Partly Taxable Payments . . . . . . . . . . . . . . . . . . 10
2002
Returns
Taxation of Nonperiodic Payments . . . . . . . . . . . . 13
Figuring the Taxable Amount . . . . . . . . . . . . . . . 13
Loans Treated as Distributions . . . . . . . . . . . . . . 16
Transfers of Annuity Contracts . . . . . . . . . . . . . . 16
Lump-Sum Distributions . . . . . . . . . . . . . . . . . . . 17
Rollovers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Special Additional Taxes . . . . . . . . . . . . . . . . . . . . 27
Tax on Early Distributions . . . . . . . . . . . . . . . . . . 27
Tax on Excess Accumulation . . . . . . . . . . . . . . . 28
Survivors and Beneficiaries . . . . . . . . . . . . . . . . . . 30
How To Get Tax Help . . . . . . . . . . . . . . . . . . . . . . . 31
Simplified Method Worksheet . . . . . . . . . . . . . . . . 33
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Important Changes
Required distributions. The IRS announced new rules
that simplify the calculation of required distributions. See
Required distributions under Tax on Excess Accumulation.
Rollovers to and from qualified retirement plans. For
distributions made after 2001, for rollover purposes,
tax-sheltered annuity plans (403(b) plans) and eligible
state or local government section 457 deferred compensa-
tion plans are qualified retirement plans. See Rollovers.
Hardship distribution rollovers. A hardship distribution
made after 2001 from any retirement plan is not an eligible
rollover distribution. See Rollovers.
Time for making rollover. The 60-day period for com-
pleting the rollover of an eligible rollover distribution may
be extended for distributions made after 2001 in certain
cases of casualty, disaster, or other events beyond your
reasonable control. See Rollovers.
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