Converting an IRA Annuity to a Roth IRA, 48924-48925 [05-16404]
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48924
Federal Register / Vol. 70, No. 161 / Monday, August 22, 2005 / Proposed Rules
NJ—a Special Protection Water. Notice
was published in the Federal Register
on September 23, 2004 (69 FR 57008),
the Delaware Register of Regulations on
October 1, 2004, the New Jersey Register
on October 4, 2004, the Pennsylvania
Code and Bulletin on October 9, 2004,
and the New York Register on October
20, 2004. A public hearing was held on
October 27, 2004, and the public was
invited to comment, either in person at
the hearing or in writing through
November 30, 2004. When by
Resolution No. 2005–2, the Commission
amended its regulations by temporarily
designating the Lower Delaware a
Special Protection Water, the
Commission modified its proposed rule
in part based upon comments received
on the proposed designation and in part
based upon the need for additional
analysis before all provisions of the
Special Protection Waters regulations
could be put into effect in the Lower
Delaware.
Dated: August 16, 2005.
Pamela M. Bush,
Commission Secretary.
[FR Doc. 05–16526 Filed 8–19–05; 8:45 am]
BILLING CODE 6360–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–122857–05]
RIN 1545–BE65
Converting an IRA Annuity to a Roth
IRA
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of proposed rulemaking
by cross-reference to temporary
regulations.
AGENCY:
SUMMARY: In the Rules and Regulations
section of this issue of the Federal
Register, the IRS is issuing temporary
regulations under section 408A of the
Internal Revenue Code (Code). The
temporary regulations provide guidance
concerning the tax consequences of
converting a non-Roth IRA annuity to a
Roth IRA. The temporary regulations
affect individuals establishing Roth
IRAs, beneficiaries under Roth IRAs,
and trustees, custodians and issuers of
Roth IRAs. The text of those temporary
regulations also serves as the text of
these proposed regulations.
DATES: Written or electronic comments
and requests for a public hearing must
be received by November 21, 2005.
VerDate jul<14>2003
16:05 Aug 19, 2005
Jkt 205001
Send submissions to:
CC:PA:LPD:PR (REG–122857–05), room
5203, Internal Revenue Service, POB
7604, Ben Franklin Station, Washington,
DC 20044. Submissions may be handdelivered Monday through Friday
between the hours of 8 a.m. and 4 p.m.
to CC:PA:LPD:PR (REG–122857–05),
Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue,
NW., Washington, DC. Alternatively,
taxpayers may submit comments
electronically via the IRS Internet site at
https://www.irs.gov/regs or the Federal
eRulemaking Portal at https://
www.regulations.gov (IRS–REG–
122857–05).
FOR FURTHER INFORMATION CONTACT:
Concerning the regulations, Cathy A.
Vohs, 202–622–6060; concerning
submissions and requests for a public
hearing, contact Treena Garrett, 202–
622–7180 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
ADDRESSES:
Background
Temporary regulations in the Rules
and Regulations portion of this issue of
the Federal Register amend the Income
Tax Regulations (26 CFR part 1) relating
to section 408A. The temporary
regulations (§ 1.408A–4T) contain rules
concerning the tax consequences of
converting a traditional IRA annuity to
a Roth IRA. The text of those temporary
regulations also serves as the text of
these proposed regulations. The
preamble to the temporary regulations
explains the temporary and proposed
regulations.
Applicability Date
These regulations are proposed to be
applicable to any Roth IRA conversion
where an annuity contract is distributed
or treated as distributed from a
traditional IRA on or after August 19,
2005. No implication is intended
concerning whether or not a rule to be
adopted in these regulations is
applicable law for taxable years ending
before that date.
Special Analyses
It has been determined that this notice
of proposed rulemaking is not a
significant regulatory action as defined
in Executive Order 12866. Therefore, a
regulatory assessment is not required. It
also has been determined that section
553(b) of the Administrative Procedure
Act (5 U.S.C. chapter 5) does not apply
to these proposed regulations, and,
because these regulations do not impose
a collection of information on small
entities, the Regulatory Flexibility Act
(5 U.S.C. chapter 6) does not apply.
Pursuant to section 7805(f) of the Code,
these proposed regulations will be
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Fmt 4702
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submitted to the Chief Counsel for
Advocacy of the Small Business
Administration for comment on its
impact on small business.
Comments and Requests for a Public
Hearing
Before these proposed regulations are
adopted as final regulations,
consideration will be given to any
written (a signed original and eight (8)
copies) or electronic comments that are
submitted timely to the IRS. The IRS
and Treasury Department request
comments on the clarity of the proposed
rules and how they can be made easier
to understand. Comments are
specifically requested regarding the
proposed additional guidance discussed
in the preamble to the Temporary
Regulations under section 408A (i.e.,
§ 1.408A–4T). The IRS and Treasury
Department also request comments
regarding whether the method used to
calculate the fair market value of an
annuity contract that is converted to a
Roth IRA should also apply for purposes
of determining the fair market value of
an annuity contact under sections 408(e)
and 401(a)(9). All comments will be
available for public inspection and
copying. A public hearing will be
scheduled if requested in writing by any
person that timely submits written
comments. If a public hearing is
scheduled, notice of the date, time, and
place for the public hearing will be
published in the Federal Register.
Drafting Information
The principal author of these
proposed regulations is Cathy A. Vohs
of the Office of the Division Counsel/
Associate Chief Counsel (Tax Exempt
and Government Entities). However,
other personnel from the IRS and
Treasury Department participated in the
development of these regulations.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Proposed Amendments to the
Regulations
Accordingly, 26 CFR part 1 is
proposed to be amended as follows:
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for Part 1 continues to read, in part, as
follows:
Authority: 26 U.S.C. 7805 * * *
§ 1.408A–4 also issued under 26 U.S.C.
408A * * *
Par. 2. Section 1.408A–4 is amended
by adding, in numerical order, Q–14
and A–14, to read as follows:
E:\FR\FM\22AUP1.SGM
22AUP1
Federal Register / Vol. 70, No. 161 / Monday, August 22, 2005 / Proposed Rules
§ 1.408A–4
IRAs.
Converting amounts to Roth
*
*
*
*
*
Q–14. [The text of proposed
regulation §1.408A–4, Q–14 is the same
as the text of §1.408A–4T, Q–14
published elsewhere in this issue of the
Federal Register].
Q–14. [The text of proposed
regulation § 1.408A–4, Q–14 and A–14
is the same as the text of § 1.408A–4T,
Q–14 and A–14 published elsewhere in
this issue of the Federal Register].
Mark E. Matthews,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. 05–16404 Filed 8–19–05; 8:45 am]
BILLING CODE 4830–01–P
5. On page 46348, in the first column,
in the second paragraph, in the first
sentence, change the word ‘‘applied’’ to
‘‘apply’’.
§ 22.4
[Corrected]
6. On page 46352, in the second
column, in the first sentence of the rule
text for § 22.4(a), change the term ‘‘the
active investigation of’’ to ‘‘an active
investigation’’.
§ 23.3
[Corrected]
7. On page 46352, in the second
column, in the first sentence of the rule
text for § 23.3(a), change the term ‘‘the
active investigation of’’ to ‘‘an active
investigation’’.
Dated: August 16, 2005.
Robert M. Friend,
Acting Deputy Assistant Secretary.
[FR Doc. 05–16559 Filed 8–19–05; 8:45 am]
DEPARTMENT OF LABOR
Mine Safety and Health Administration
BILLING CODE 4510–43–P
30 CFR Parts 5, 15, 18, 19, 20, 22, 23,
27, 28, 33, 35, and 36
DEPARTMENT OF THE INTERIOR
RIN 1219–AB38
Fees for Testing, Evaluation, and
Approval of Mining Products;
Correction
Office of Surface Mining Reclamation
and Enforcement
30 CFR Part 925
[Docket No. MO–738]
Mine Safety and Health
Administration (MSHA), Labor.
ACTION: Proposed rule; correction.
AGENCY:
SUMMARY: This document corrects the
preamble to a proposed rule published
in the Federal Register of August 9,
2005, regarding fees for testing,
evaluation, and approval of mining
products.
FOR FURTHER INFORMATION CONTACT:
Rebecca J. Smith, Acting Director, Office
of Standards, Regulations, and
Variances, MSHA, 1100 Wilson Blvd.,
Room 2313, Arlington, Virginia 22209–
3939, smith-rebecca@dol.gov, (202) 693–
9440 (telephone), (202) 693–9441
(facsimile).
Corrections
1. On page 46345, in the first column,
under Addresses, change the e-mail
address from ‘‘comments@msha.gov’’ to
‘‘zzmsha-comments@dol.gov’’.
2. On page 46345, in the first column,
under ‘‘Regular Mail or Hand Delivery,’’
change the zip code to ‘‘22209–3939’’.
3. On page 46346, in the third
column, in the third paragraph under
‘‘Section 5.30 Fee Calculation,’’ in the
second sentence, change the word
‘‘revised’’ to ‘‘existing’’.
4. On page 46347, in the first column,
in the second full paragraph, in the
sixth sentence, change the term ‘‘part 5’’
to ‘‘part 15’’.
VerDate jul<14>2003
16:05 Aug 19, 2005
Jkt 205001
Public Hearing and Public Comment
Period on Termination of Federal
Enforcement for Parts of the Missouri
Permanent Regulatory Program
Office of Surface Mining
Reclamation and Enforcement, Interior.
ACTION: Proposed rule; notice of public
comment period and public hearing.
AGENCY:
SUMMARY: We, the Office of Surface
Mining Reclamation and Enforcement
(OSM), announced our decision to
substitute Federal enforcement for parts
of the Missouri permanent regulatory
program (Missouri program) on August
22, 2003 (68 FR 50944). We are
announcing today that the Governor of
Missouri petitioned us to consider
returning to Missouri the authority to
enforce those parts of the Missouri
program for which we substituted
Federal enforcement. The Missouri
Department of Natural Resources, Air
and Land Protection Division, Land
Reclamation Program (MLRP) is the
regulatory authority responsible for
implementing and enforcing the
Missouri program. If we approve
Missouri’s petition, we will terminate
Federal enforcement for those parts of
the Missouri program for which we
substituted Federal enforcement and
return full enforcement authority to the
MLRP.
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Fmt 4702
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48925
We are providing an opportunity for
interested persons to comment on the
Missouri Governor’s petition to
reassume authority of those parts of the
Missouri program currently being
enforced by us (Administrative Record
No. MO–664.42). This document gives
the dates and times during which
interested persons may submit written
comments or participate in the
scheduled public hearing regarding
Missouri’s petition. This document also
includes the procedures that we will
follow for the public hearing.
DATES: We will accept written
comments until 4 p.m., c.d.t., September
29, 2005. Comments received after this
time may not be considered in our
findings on the petition from the
Governor of Missouri to reassume
authority of the Missouri program.
Public Hearing: We will hold a public
hearing on the proposed rule on
September 22, 2005, at 2 p.m., c.d.t. We
will accept requests to speak at the
public hearing until 4 p.m., c.d.t. on
September 16, 2005. If you wish to
attend and speak at the hearing, you
should follow the procedures under the
‘‘Public Comment Procedures’’ heading
of the SUPPLEMENTARY INFORMATION
section of this document.
ADDRESSES: You may submit comments,
identified by Docket No. MO–738, by
any of the following methods:
• E-mail: MCR_AMEND@osmre.gov.
Include Docket No. MO–738 in the
subject line of the message.
• Mail/Hand Delivery: Andrew R.
Gilmore, Chief, Alton Field Division,
Office of Surface Mining Reclamation
and Enforcement, 501 Belle Street,
Alton, Illinois 62002.
• Fax: (618) 463–6470.
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Instructions: All submissions received
must include the agency name and
docket number for this rulemaking. For
detailed instructions on submitting
comments and additional information
on the rulemaking process, see the
‘‘Public Comment Procedures’’ heading
of the SUPPLEMENTARY INFORMATION
section of this document.
Docket: For access to the docket to
review copies of all administrative
record documents referenced in this
document, a listing of any scheduled
public hearings, and all written
comments received in response to this
document, you must go to the address
listed below during normal business
hours, Monday through Friday,
excluding holidays. Andrew R. Gilmore,
Chief, Alton Field Division, Office of
Surface Mining Reclamation and
E:\FR\FM\22AUP1.SGM
22AUP1
Agencies
[Federal Register Volume 70, Number 161 (Monday, August 22, 2005)]
[Proposed Rules]
[Pages 48924-48925]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-16404]
=======================================================================
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-122857-05]
RIN 1545-BE65
Converting an IRA Annuity to a Roth IRA
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations.
-----------------------------------------------------------------------
SUMMARY: In the Rules and Regulations section of this issue of the
Federal Register, the IRS is issuing temporary regulations under
section 408A of the Internal Revenue Code (Code). The temporary
regulations provide guidance concerning the tax consequences of
converting a non-Roth IRA annuity to a Roth IRA. The temporary
regulations affect individuals establishing Roth IRAs, beneficiaries
under Roth IRAs, and trustees, custodians and issuers of Roth IRAs. The
text of those temporary regulations also serves as the text of these
proposed regulations.
DATES: Written or electronic comments and requests for a public hearing
must be received by November 21, 2005.
ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-122857-05), room
5203, Internal Revenue Service, POB 7604, Ben Franklin Station,
Washington, DC 20044. Submissions may be hand-delivered Monday through
Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-
122857-05), Courier's Desk, Internal Revenue Service, 1111 Constitution
Avenue, NW., Washington, DC. Alternatively, taxpayers may submit
comments electronically via the IRS Internet site at https://
www.irs.gov/regs or the Federal eRulemaking Portal at https://
www.regulations.gov (IRS-REG-122857-05).
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Cathy A.
Vohs, 202-622-6060; concerning submissions and requests for a public
hearing, contact Treena Garrett, 202-622-7180 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
Temporary regulations in the Rules and Regulations portion of this
issue of the Federal Register amend the Income Tax Regulations (26 CFR
part 1) relating to section 408A. The temporary regulations (Sec.
1.408A-4T) contain rules concerning the tax consequences of converting
a traditional IRA annuity to a Roth IRA. The text of those temporary
regulations also serves as the text of these proposed regulations. The
preamble to the temporary regulations explains the temporary and
proposed regulations.
Applicability Date
These regulations are proposed to be applicable to any Roth IRA
conversion where an annuity contract is distributed or treated as
distributed from a traditional IRA on or after August 19, 2005. No
implication is intended concerning whether or not a rule to be adopted
in these regulations is applicable law for taxable years ending before
that date.
Special Analyses
It has been determined that this notice of proposed rulemaking is
not a significant regulatory action as defined in Executive Order
12866. Therefore, a regulatory assessment is not required. It also has
been determined that section 553(b) of the Administrative Procedure Act
(5 U.S.C. chapter 5) does not apply to these proposed regulations, and,
because these regulations do not impose a collection of information on
small entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6)
does not apply. Pursuant to section 7805(f) of the Code, these proposed
regulations will be submitted to the Chief Counsel for Advocacy of the
Small Business Administration for comment on its impact on small
business.
Comments and Requests for a Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written (a signed original and eight
(8) copies) or electronic comments that are submitted timely to the
IRS. The IRS and Treasury Department request comments on the clarity of
the proposed rules and how they can be made easier to understand.
Comments are specifically requested regarding the proposed additional
guidance discussed in the preamble to the Temporary Regulations under
section 408A (i.e., Sec. 1.408A-4T). The IRS and Treasury Department
also request comments regarding whether the method used to calculate
the fair market value of an annuity contract that is converted to a
Roth IRA should also apply for purposes of determining the fair market
value of an annuity contact under sections 408(e) and 401(a)(9). All
comments will be available for public inspection and copying. A public
hearing will be scheduled if requested in writing by any person that
timely submits written comments. If a public hearing is scheduled,
notice of the date, time, and place for the public hearing will be
published in the Federal Register.
Drafting Information
The principal author of these proposed regulations is Cathy A. Vohs
of the Office of the Division Counsel/Associate Chief Counsel (Tax
Exempt and Government Entities). However, other personnel from the IRS
and Treasury Department participated in the development of these
regulations.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for Part 1 continues to read,
in part, as follows:
Authority: 26 U.S.C. 7805 * * *
Sec. 1.408A-4 also issued under 26 U.S.C. 408A * * *
Par. 2. Section 1.408A-4 is amended by adding, in numerical order,
Q-14 and A-14, to read as follows:
[[Page 48925]]
Sec. 1.408A-4 Converting amounts to Roth IRAs.
* * * * *
Q-14. [The text of proposed regulation Sec. 1.408A-4, Q-14 is the
same as the text of Sec. 1.408A-4T, Q-14 published elsewhere in this
issue of the Federal Register].
Q-14. [The text of proposed regulation Sec. 1.408A-4, Q-14 and A-
14 is the same as the text of Sec. 1.408A-4T, Q-14 and A-14 published
elsewhere in this issue of the Federal Register].
Mark E. Matthews,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 05-16404 Filed 8-19-05; 8:45 am]
BILLING CODE 4830-01-P