IRS Publication 571: Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools And Certain Tax-Exempt Organizations

DEFINITION of 'IRS Publication 571: Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools And Certain Tax-Exempt Organizations'

A document published by the Internal Revenue Service (IRS) that provides tax information for filers who have a 403(b) retirement plan. IRS Publication 571 indicates who can contribute to a 403(b) plan, the maximum contribution that can be made to a 403(b) plan during the year, rules regarding excess contributions, and the rules regarding rollovers or distributions.


Contributions for a 403(b) plan are generally reported in an employee's W-2 by the employer, and do not need to be reported by the individual employee to the IRS.

BREAKING DOWN 'IRS Publication 571: Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools And Certain Tax-Exempt Organizations'

While IRS Publication 571 does provide some information on rollovers and distributions of 403(b) accounts, it does not get into specific details. Specifics for rollovers can be found in IRS Publication 590, and information on distributions in Publication 575.

RELATED TERMS
  1. Direct Rollover

    A distribution of eligible rollover assets from a qualified plan, ...
  2. Designated Roth Account

    An individual retirement plan in which employees can have all ...
  3. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt ...
  4. IRS Publication 575

    A document published by the Internal Revenue Service (IRS) that ...
  5. IRS Publication 560: Retirement ...

    A document published by the Internal Revenue Service (IRS) that ...
  6. Eligible Rollover Distribution

    A distribution from an IRA, qualified plan, 403(b) plan or 457 ...
Related Articles
  1. Retirement

    Top 9 Benefits Of A 403(b) Plan

    A 403(b) plan is a tax-sheltered retirement plan for employees of many non-profit entities, including public safety and educational organizations.
  2. Retirement

    Explaining the 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers.
  3. Retirement

    How a 403(b) Works After Retirement

    Everything you need to know (don't be afraid to ask) about handling your 403(b) plan when you retire.
  4. Retirement

    457 Plans and 403(b) Plans: A Comparison

    There's plenty of advice about 401(k) plans, but what about 457 and 403(b) plans?
  5. Retirement

    What's a Defined Contribution Plan?

    A defined contribution plan is a company retirement plan that specifies the amount of money contributed to it.
  6. Retirement

    How a 457 Plan Works After Retirement

    457 retirement plans are complicated. Here's a quick guide to how they work after you retire.
  7. Retirement

    IRS Raises 401(k) Contribution Limits By $500

    The 2015 IRS contribution limits for 401(k), 403(b), most 457 savings plans and the government's Thrift Savings Plan were boosted from $17,500 to $18,000.
  8. Retirement

    8 Essential Tips For Retirement Saving

    These eight tips can help your retirement savings grow.
  9. Retirement

    Avoid the Most Common IRA Rollover Mistakes

    Avoid paying excess taxes by learning some simple transfer rules.
  10. Retirement

    401(k) Rollovers: The Tax Implications

    The tax rules for 401(k) rollovers can be simple or more complex, depending on which path you take.
RELATED FAQS
  1. Who is eligible to obtain a 403(b) plan?

    Learn which employers offer 403(b) plans and see how they are custom-designed for nonprofits but similar to 401(k) plans ... Read Answer >>
  2. What is the difference between a 401(k) plan and a 403(b) plan?

    Administered by for-profit, private companies, 401(k) plans are more common than the nonprofit or government-sponsored 4 ... Read Answer >>
  3. I am a teacher in a public school system and I don't presently have a 403(b) plan, ...

    If you establish a 403(b) account under the school's 403(b) plan, you may roll the Traditional IRA assets to the 403(b) account. ... Read Answer >>
  4. What are the advantages and disadvantages of getting a 403(b) vs. a Roth IRA?

    Learn how a 403(b) plan and a Roth IRA affect your future. Both investment vehicles have advantages and disadvantages for ... Read Answer >>
  5. My old company offers a 401(k) plan and my new employer only offers a 403(b) plan. ...

    It depends. While the regulations do allow rollover of assets between 401(k) plans and 403(b) plans, employers are not required ... Read Answer >>
  6. Can I roll my 403b into another 403b even if I'm not teaching anymore?

Hot Definitions
  1. Reverse Mortgage

    A type of mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage ...
  2. Labor Market

    The labor market refers to the supply and demand for labor, in which employees provide the supply and employers the demand. ...
  3. Demand Curve

    The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity ...
  4. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  5. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
  6. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
Trading Center