GAO Calls for Clarification on Tax Treatment of Unclaimed 401(K) Savings Transferred to States

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The federal government should take steps to clarify whether millions of dollars of retirement savings transfers to states from employer-based plans such as 401(k)s constitute reportable and taxable distributions, according to a report by the Government Accountability Office (GAO). Every year, large amounts of retirement savings assets are moved to states as unclaimed property, with […]

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Source: HR Daily Advisor