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Printable Form 4421 Louisville Kentucky: What You Should Know
The TIBIA language is: § 2133. The income of an annuitant under any rule established under this chapter for any other year shall not exceed the adjusted gross income of such annuitant that year under the last before-mentioned rules of property which would be available to such annuitant, taken as a whole, for purchase or use as a property without any deduction which is allowed for depreciation or amortization in the computation of any other income. We will probably use TIBIA for all future income-tax purposes, until the Legislature acts to limit the uses of TIBIA tax-wise. This is a case where TIBIA is not available because the annuitant was not a TIBIA qualified plan beneficiary; hence TIBIA income is not taxable. The question is how the annuitant was treated on TIBIA income prior to the death of his employer which resulted in his withdrawal of retirement income. One of the first things that I think people try to do when they get on the road to figuring out what TIBIA applies to are: How many persons were an annuitant as an employee on the year of employment who received TIBIA tax-free income? I thought this would be simple, but it appears the answer in the Kansas case law is: none. The Kansas Department of Revenue website says the following: The tax laws governing retirement income do not have coverage for persons who, like annuitants under TIBIA, were not employees. It is not surprising that the employer's TIBIA liability is no smaller than if each had been an employee. However, it is possible that the absence of a TIBIA beneficiary also has a bearing on the tax law. I do not think that any of these questions could be answered without actual IRS guidance on the subject and any documentation that appears to support such a conclusion. To me, all of this seems to show that the annuitant has the same legal and tax status as an employee: The employee's share is includible; The employee is treated as a TIBIA beneficiary; The employee is treated as a participant under TIBIA under the last TIBIA rule which has the same meaning as under a 401(k).
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