Form Trs 6 - Application For Refund Page 10
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13Special Tax Notice Regarding Rollover
Options under TRS
TRS 6PG1 (09-17)
SPECIAL RULES AND OPTIONS
If your payment includes after-tax contributions
After-tax contributions included in a payment are not taxed. If a payment is only part of your
benefit, an allocable portion of your after-tax contributions is included in the payment, so you
cannot take a payment of only after-tax contributions. However, if you have pre-1987 after-tax
contributions maintained in a separate account, a special rule may apply to determine whether
the after-tax contributions are included in a payment. In addition, special rules apply when you
do a rollover, as described below.
You may roll over to an IRA a payment that includes after-tax contributions through either a
direct rollover or a 60-day rollover. You must keep track of the aggregate amount of the after-
tax contributions in all of your IRAs (in order to determine your taxable income for later
payments from the IRAs). If you do a direct rollover of only a portion of the amount paid from
TRS and at the same time the rest is paid to you, the portion directly rolled over consists first of
the amount that would be taxable if not rolled over. For example, assume you are receiving a
distribution of $12,000, of which $2,000 is after-tax contributions. In this case, if you directly
roll over $10,000 to an IRA that is not a Roth IRA, no amount is taxable because the $2,000
amount not directly rolled over is treated as being after-tax contributions.
If you do a 60-day rollover to an IRA of only a portion of a payment made to you, the after-tax
contributions are treated as rolled over last.
For example, assume you are receiving a
distribution of $12,000, of which $2,000 is after-tax contributions, and no part of the distribution
is directly rolled over. In this case, if you roll over $10,000 to an IRA that is not a Roth IRA in a
60-day rollover, no amount is taxable because the $2,000 amount not rolled over is treated as
being after-tax contributions.
You may roll over to an employer plan all of a payment that includes after-tax contributions, but
only through a direct rollover (and only if the receiving plan separately accounts for after-tax
contributions and is not a governmental section 457(b) plan). You can do a 60-day rollover to
an employer plan of part of a payment that includes after-tax contributions, but only up to the
amount of the payment that would be taxable if not rolled over.
If you miss the 60-day rollover deadline
Generally, the 60-day rollover deadline cannot be extended. However, the IRS has the limited
authority to waive the deadline under certain extraordinary circumstances, such as when
external events prevented you from completing the rollover by the 60-day rollover deadline. To
apply for a waiver, you must file a private letter ruling request with the IRS. Private letter ruling
requests require the payment of a nonrefundable user fee. For more information see IRS
Publication 590, Individual Retirement Arrangements (IRAs).
Teacher Retirement System of Texas
Page 4 of 7
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