Saturday, May 17, 2014

IRS Issues Final Regulations on Plan Payments for Health/Accident Insurance Premiums

The Internal Revenue Service (IRS) released final regulations regarding the tax status by qualified retirement plans for accident or health insurance. The final regulations clarify that a payment from a qualified plan used for an accident or health insurance premium generally will be treated as a distribution taxable to the participant in the year the premium is paid. Therefore, to the extent the premium is taxable, any payments on health or accident premium from a qualified plan are excluded from income.

The final regulations are available here.
ERIC members and trial members can read more here.
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