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Can you summarize 781 IAAC 9.8?
UNCLAIMED PROPERTY > Reporting of individual retirement accounts (IRAs) and other retirement accounts.
Short Summary
This section of the Iowa Administrative Code, under the Treasurer of State, pertains to the reporting of individual retirement accounts (IRAs) and other retirement accounts. It states that the reporting and delivery of property in qualified retirement accounts shall be extended until three years after the earliest occurrence of unsuccessful distribution, required distribution as stated in account agreements, or the date specified in the income tax laws to avoid a tax penalty. Holders of these accounts are required to include the name, address, and social security number of the account beneficiary in their reports. The purpose of this rule is to implement Iowa Code section 556.7.
Whom does it apply to?
Holders of individual retirement accounts (IRAs) and other retirement accounts
What does it govern?
Reporting of individual retirement accounts (IRAs) and other retirement accounts
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Iowa