In the past few weeks, the IRS has released three publications, regarding divorced or separated individuals (Publication 504), small business retirement plans (Publication 560), and pension and annuity income (Publication 575) respectively.

Publication 504 covers filing information if the individual is divorced or separated from his or her spouse. It explains how to treat payments and transfers of property as alimony, child support, court-ordered payments, property settlements and transfers from individual retirement arrangements that may occur in the course of divorce. It also discusses exemptions and deductions that may apply.

Publication 560 discusses the retirement plans a small business can be established and maintained for both the employers and their employees. It explains three kinds of plans for use in preparing 2014 tax returns, which are SEP (simplified employee pension), SIMPLE (savings incentive match plan for employees) and Qualified Plans (also called H.R. 10 plans or Keogh plans when covering self-employed individuals).

Publication 575 provides information on tax treatment of periodic payments (amounts received as an annuity) and non-periodic payments (amounts not received as an annuity). It also discuss rollovers from retirement plans, reporting responsibilities of disability payments, railroad retirement benefits and reporting responsibilities for survivors and beneficiaries of employees and retirees, and special taxes on certain distributions.

See IRS Publication 504, “Divorced or Separated Individuals” (Doc 2015-663).

See IRS Publication 560, “Retirement Plans for Small Business” (Doc 2015-664).

See IRS Publication 575, “Pension and Annuity Income” (Doc 2015-655).

 

Posted by Jiaqi Wang, Associate Editor, Wealth Strategies Journal.