What is considered qualified vs. non-qualified tax accounts?
A “Qualified” or “Tax-Qualified” account is one in which assets were accumulated under an IRS approved program allowing some degree of tax deferral or exemption such as an IRA or 401 (k). Non-Qualified accounts are those which do not enjoy any preferential tax status such as a checking account at a bank. Additional requirements may be identified to complete the settlement of tax-qualified accounts. The case manager assigned to work with you at the beginning of the process will identify for you any additional settlement requirements.
A “Qualified” or “Tax-Qualified” account is one in which assets were accumulated under an IRS approved program allowing some degree of tax deferral or exemption such as an IRA or 401 (k). Non-Qualified accounts are those which do not enjoy any preferential tax status such as a checking account at a bank.
A “Qualified” or “Tax-Qualified” account is one in which assets were accumulated under an IRS approved program allowing some degree of tax deferral or exemption such as an IRA or 401 (k). Non-Qualified accounts are those which do not enjoy any preferential tax status such as a checking account at a bank.
