CH 11 HRB

Employee contributions to a 403(b) plan are tax-deferred, and so are earnings; basically identical to qualified plans.

403(b) plan

Antonio is a city councilman on Your City Council.

457

required minimum distribution rules

The required minimum distribution rules apply to all employer-sponsored plans, including 401(k) plans, 403(b) plans, and 457(b) plans. The rules also apply to traditional IRAs and related plans, such as SEPs and SIMPLE IRAs

If the taxpayer made after-tax contributions to the retirement account, distributions may be

partially taxable

If a taxpayer does not make the required withdrawal by the deadline, they are subject to a 50% tax penalty based on the amount they should have withdrawn, but did not.

are subject to a 50% tax penalty

If a taxpayer who has not reached the age of 59½ takes a distribution from a qualified retirement account or IRA, they are subject to a 10% early distribution penalty

unless an exception applies

Contributions to §501(c)(18)(D) plans.

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Jordan is a public school teacher.

403(b)

Taxpayers must generally begin taking a minimum distribution from their retirement plan or traditional IRA each year, starting with the year they reach age 70 ½, or if later,

the year they retire

The required minimum distribution rules do not apply to Roth IRAs, unless the account owner is deceased.

Deceased owner of a roth ira

A 403(b) plan is a tax-advantaged retirement savings plan available for employees of the following types of organizations:

Public education. Some nonprofits. Cooperative hospital service.

Hanna (26) took a $9,000 distribution from her 401(k) because she became permanently disabled.

Yes Exception number 03

Which of the following statements about retirement account distributions is true? a. The taxable portion of a pension or annuity with a starting date of June 4, 2018, is calculated using the simplified method. b. Taxpayers taking a distribution from a qualified retirement plan or IRA before reaching age 70½ are subject to an early distribution penalty of 20%. c. Retirement account distributions are always fully taxable. d. Distributions are usually reported to the taxpayer on Form W-2.

a. The taxable portion of a pension or annuity with a starting date of June 4, 2018, is calculated using the simplified method.

If both spouses have compensation, each may establish an IRA and contribute an amount within the limits. The allowable IRA contribution is computed separately, without regard to any community property laws. An eligible married taxpayer may also establish a spousal IRA (an IRA for their spouse), even if the spouse has received little or no compensation for the tax year. A couple making contributions to a spousal IRA must file a

joint return

When box 2a of the taxpayer's Form 1099-R is left blank, it does not mean that none of the distribution ($0) is taxable. Rather, it means that the payer does not have enough information to determine the

taxable amount

Bobbi Bright (33), a single taxpayer, earned $8,700 in wages. She has already contributed $1,700 to her IRA. At this point, Bobbi's traditional IRA deduction is $5,500. What is the maximum additional amount that Bobbi could contribute to her IRA?

$1700, $3800 for a total of $5,500

There are separate sets of rules concerning the deductibility of traditional IRA contributions for each of three different types of taxpayers: Taxpayers who are active participants in employer-maintained retirement plans at any time during the year. Taxpayers who are not active participants, including joint filers whose spouses are not active participants. Joint filers who are not active participants, but whose spouses are active participants.

3 types of taxpayers deductibility rules

Ronda is a Tax Professional with H&R Block. She also works as a computer programmer with a local technology firm.

401(k)

A fixed sum payable to a person at specified intervals for a specific period of time or for life. Payments represent a partial return of capital and a return on the capital investment.

Annuity

Wages, commissions, tips, professional fees, and net self-employment income from services rendered; that is, earned income. For IRA purposes, compensation also includes alimony and separate maintenance payments.

Compensation

(1) Gift to a qualified charitable organization, generally deductible on Schedule A. (2) Money placed in a retirement fund, such as an individual retirement arrangement or an employer-maintained retirement plan.

Contribution

2018 Saver's Credit is not available to taxpayers who were: Born after January 1, 2001. The year changes each year. Claimed as a dependent on someone else's 2018 return. Full-time students during any part of five calendar months in 2018.

Contributions that qualify for the Saver's Credit include:

Ray (54) and Regina (48) Moore will file a joint return. Ray earned $38,000 in wages. He would like to contribute and deduct the largest allowable IRA amount. Regina earned $31,000 in wages. She also would like to contribute and deduct the largest allowable amount.

Ray $6,500 Regina $5,500 total $12,000

A term often used to reference the retirement savings contributions credit, a nonrefundable credit based on up to $2,000 in contributions to employer-sponsored retirement plans and traditional and Roth IRAs. The credit is allowed in addition to any deduction available for the contributions. It is computed on Form 8880, Credit for Qualified Retirement Savings Contributions.

Saver's Credit

Participating employees enjoy the following tax benefits: Contributions to the plans are tax-deferred until withdrawn. Earnings on contributions are also tax-deferred until withdrawn. When the employee retires or changes jobs, they may be able to defer paying taxes on the funds even longer by transferring, or "rolling over," the funds into an Individual Retirement Arrangement (IRA). This is commonly referred to as a "rollover."

Tax benefits of qualified retirement plans

An individual retirement arrangement, contributions to which may or may not be deductible, depending on the taxpayer's AGI and whether or not they are covered under an employer-sponsored retirement plan. Earnings within a traditional IRA grow tax-deferred. Distributions from a traditional IRA are taxable, except to the extent they represent nondeductible contributions and earnings.

Traditional IRA

Roth IRAs are another type of retirement savings account. As with traditional IRAs, Roth IRAs offer many valuable tax benefits. One benefit specific to Roth IRAs is that, unlike traditional IRAs, taxpayers can continue to make contributions to their Roth IRA after they reach age 70½. In addition, since Roth IRAs do not have required distributions, taxpayers can leave contributions in the account

as long as they wish

Taxpayers can make contributions for themselves and a nonworking or lower-income spouse if they file a

joint return

A self-employed pension (SEP) is a plan that allows a small employer to contribute to their own retirement as well as their employees'

retirement

Voluntary salary deferrals to §401(k) plans, §403(b) tax-sheltered annuity plans, governmental §457 plans, SEPs, and SIMPLE plans.

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Emma Jessup (70), a single taxpayer, was born on May 26, 1948. Her net self-employment income for the year is $15,000. Emma's maximum allowable traditional IRA contribution is

$ 0. she has sufficient compensation, she will have reached age 70½ before the end of the tax year

Lew Quarter (69) is single. His only income for the year was $23,000 in interest and $10,000 in dividends. Lew's maximum allowable traditional IRA contribution is

$0 no earned income all his income is unearned income

After figuring Richard's taxable SS benefits, Richard and Maureen will report $6,000 on page 2 of their Form 1040, line 5a. They will report $5,100, their taxable amount, on line 5b

1040

June is a fundraiser for the local United Way office.

403(b)

A TP over age 59 ½ received a form 1099R reporting a distribution from their IRA. A code 1 is incorrectly show in box 7 of the form; how should the TP report this distribution?

Fill out form 5329 and correctly report it

The spouse of an active participant in an employer-maintained retirement plan who is not also an active participant in such a plan.

Nonparticipating spouse

Katie works part-time as an art instructor at Your City Junior High School.

403(b)

A retirement plan available to employees of many public educational institutions and tax-exempt organizations. Also known as a tax-sheltered annuity plan.

403(b) plan

Compensation that will be taxed when received or upon the removal of certain restrictions on receipt, and not when earned. For example, contributions to a qualified retirement plan on behalf of an employee are considered deferred compensation. Such contributions will not be taxed to the em¬ployee until the funds are made available or distributed to the employee, usually upon retirement.

Deferred compensation

Schedule 4 Form 1040

Most taxpayers who only owe the additional 10% tax on early distributions will report the tax directly on Schedule 4 (Form 1040).

Nonqualified plans Usually designed to meet specialized retirement needs of key executives and other select employees. Nonqualified plans are: Exempt from the discriminatory and top-heavy testing to which qualified plans are subject. Nonqualified plans do not meet the requirements of IRC §401(a) and ERISA and do not qualify for favorable tax treatment.

Non-qualified retirement plans

IRA contributions made by taxpayers who are not active participants (and whose spouses are not active participants) are fully deductible up to the maximum allowable contribution amount. A taxpayer who uses the married filing separately status and who did not live with their spouse at any time during the year is treated as a single taxpayer for this purpose.

Not active participant

Payments made periodically of (generally) a definite amount for a specified period (usually life) from an em¬ployer-maintained plan to workers who have met the stated requirements. Its primary purpose is to provide retirement income.

Pension

A qualified transfer of funds from one tax-favored account to another, usually of the same type. A rollover must take place within 60 days of receiving the funds.

Rollover

A type of individual retirement arrangement in which contributions are not tax deductible, earnings grow tax-deferred, and qualified withdrawals are tax-free.

Roth IRA

Tim (31) and Sally (26) Frankford are married and are filing a joint return for 2018. The Frankfords are proactive about saving for their retirement, and they both wish to maximize their 2018 IRA contributions. The Frankfords were very specific and only wish to contribute to their traditional IRAs the exact amount they can deduct on their return. They then wish to contribute any remaining IRA contributions available to their Roth IRA accounts.

Sally makes the full $5,500 traditional IRA contribution. she is not an active participant in an employer-maintained retirement plan and the Frankfords' MAGI is less than $189,000

An individual retirement arrangement (IRA) account is a personal savings plan that gives taxpayers tax advantages for saving money for retirement. Two tax advantages of an IRA are: Money contributed to the IRA may be fully or partially deductible. Amounts in the IRA grow tax-free and are not taxed until the money is withdrawn from the IRA account

Tax Advantages from IRAs

Employee contributions to the 401k plan are tax-deferred. This means the employee does not pay federal income tax on the amount of the contributions in the year contributed. Most states also allow contributions to be tax-deferred, although some contributions may be subject to local income tax. Tax is not paid until the taxpayer receives a distribution (in other words, a withdrawal from the plan). Earnings on the contributions are also tax-deferred until the taxpayer receives a distribution from the plan.

Tax deferred 401(k)

A key advantage of traditional IRAs is that contributions may be deductible from gross income. Qualifying taxpayers report deductible amounts as an adjustment to income on line 32 of Schedule 1 (Form 1040), Additional Income and Adjustments to Income. The deductible amount is then subtracted from the taxpayer's total income. The adjustment is reflected in the taxpayer's adjusted gross income, reported on Form 1040, line 7.

Tax treatment for IRAs

Traditional individual retirement arrangement (IRA) accounts offer a way for investors to save for retirement. Earnings can grow tax-deferred, and contributions may be fully or partially deductible.

Traditional IRA accounts

Payers do not always know when a taxpayer qualifies for an exception. If the taxpayer qualifies for an exception, but distribution code "1" (early distribution, no known exception) is shown in box 7 of the Form 1099-R, the taxpayer should complete Form 5329. The appropriate code identifying the exception is entered on Form 5329, Part 1, line 2.

Unknown exemption for early distribution

Oliver (34) is the beneficiary of his mother's traditional IRA. In 2018, Oliver's mother passed away and Oliver took a $10,000 distribution from his deceased mother's traditional IRA.

Yes Exception number 04

A taxpayer is an active participant in an employer-maintained retirement plan if they participate at any time during the year in any of the following: A qualified retirement, profit-sharing, or stock bonus plan (for example, a §401(k) plan) from a current employer A qualified annuity plan. A §403(b) tax-sheltered annuity plan (available to employees of public schools and certain tax-exempt organizations). A government plan (other than a §457 plan). A SIMPLE plan Certain pension plans funded solely by employee contributions. A plan established by a self-employed taxpayer (for example, a qualified plan or SEP).

active participant

Which of the following statements is true about IRAs? a. Contributions to an IRA are not tax-deductible. b. Taxpayers are not limited on the amount they may contribute to their IRA each year. c. A taxpayer of any age may contribute to any type of IRA. d. A taxpayer may contribute to traditional and Roth IRAs for the same tax year.

d. A taxpayer may contribute to traditional and Roth IRAs for the same tax year.

Which of the following statements about qualified retirement plans for self-employed taxpayers is TRUE? a. A simplified employee pension (SEP) is for self-employed taxpayers who only want to contribute to their own retirement. b. Self-employed taxpayers who set up qualified plans for themselves are not required to cover their employees. c. All retirement plans covering self-employed taxpayers and their employees must be set up by the end of the tax year. d. Defined contribution plans, such as 401(k) plans, are available to self-employed taxpayers.

d. Defined contribution plans, such as 401(k) plans, are available to self-employed taxpayers.

Contributions to traditional IRAs may be partially or fully

deductible

A defined benefit plan is a retirement plan in which the employee receives a predetermined, formula-based benefit at retirement. The most common type of defined benefit plan is a pension, in which the retirement benefit is calculated using a formula based on the number of years worked, the taxpayer's age, and the taxpayer's history of earnings with the employer. Another type of defined benefit plan is an annuity.

defined benefit plan

A taxpayer may contribute to a traditional IRA only until they reach age 70½. However, contributions may be made to a Roth IRA by a taxpayer of any age as long as they have compensation

during the year

Some retirement plans, such as a self-employed pension (SEP), may be established and funded as late as the due date of the employer's tax return, including

extensions

There are some other specific rules that differentiate Roth IRAs from traditional IRAs. However, many of the rules that apply to traditional IRAs also apply to Roth IRAs. For instance: To make contributions, the taxpayer must receive compensation during the year. Contributions must be made by the due date of the return, not including extensions. Contributions for each spouse are limited for 2018 to the lesser of $5,500 ($6,500 for those age 50 and older) .

or total compensation

For purposes of this course, there are two main differences between the qualified plans described above and a SEP: A SEP may be established and funded as late as the due date of the employer's tax return, including extensions. Contributions made by a self-employed individual for their employees are treated as contributions to their employees' IRAs. To the employee, this type of account is called a SEP-IRA. The employee

owns and controls the account

A partially taxable distribution is a distribution in which the taxpayer has made after-tax contributions to the retirement account. When the taxpayer receives a distribution from this account, a portion of the distribution represents a nontaxable return of their after-tax contribution. This is often referred to as their investment, or cost basis.

partially taxable distribution

Self-employed taxpayers who make retirement contributions to qualifying plans on their own behalf report the amount as an adjustment on their individual return. The amount is reported on line 28 of Schedule 1 (Form 1040), Additional Income and Adjustments to Income. Qualified plans must be set up by the end of the tax year. Contributions must be made by the due date of the employer's

return including extensions

Contributions that qualify for the Saver's Credit must be reduced by any distributions from the same types of plans made in the two tax years prior to the current year until the due date of the current year's return (including extensions). Thus, for 2018, distributions made after December 31, 2015, and before April 15, 2019, (October 15, 2019, if an automatic six-month extension was requested) reduce the amount eligible for the

saver's credit

Self-employed taxpayers who set up qualified plans are generally required to cover their employees as well as

themselves

Contributions to traditional and Roth IRAs. (As with the traditional IRA deduction, contributions for 2018 but made in 2019 give rise to a credit for 2018.)

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The person the owner of a retirement account chooses as the recipient of funds or other benefits of the account after they die. Taxpayers may choose beneficiaries for IRAs, insurance policies, and other types of accounts.

Beneficiary

However, some taxpayers are required to compute and report the additional tax in Part 1 of Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts. Form 5329 is also used to report exceptions to the additional tax.

Form 5329

A deferred compensation plan available to employees of many government entities and certain tax-exempt, non-governmental entities.

457 plan

An employee benefit plan that provides a separate account for each person covered and pays benefits based on account earnings. The employee and/or the employer may contribute to the account. Examples include §401(k) plans and profit-sharing plans.

Defined contribution plan

MAGI, for traditional IRA purposes, is determined by adding the following amounts to regular AGI (without regard to any IRA deductions): Student loan interest deduction from Schedule 1 (Form 1040), line 33. Excludible employer-provided adoption benefits from Form 8839, line 28. Excludible U.S. Savings Bond interest from Form 8815, line 14 (this topic will be discussed in greater detail in Chapter 19, Tax Planning). Domestic production activity deduction from Schedule 1 (Form 1040), line 36 Certain excludible foreign and U.S. possession income

MAJI definition

IRA contributions made by taxpayers who are not active participants (and whose spouses are not active participants) are fully deductible up to the maximum allowable contribution amount, which included MAJI phaseout limits. WATCH AGES of TPs!!

MAJI phaseout limits.

Please note that the total of all traditional and Roth IRA contributions combined for the year cannot exceed $5,500 ($6,500 if age 50 or older). So, a taxpayer could contribute $5,500 to their traditional IRA or $5,500 to the Roth IRA, but not $5,500 to both their traditional and Roth IRAs, because their combined IRA contribution would equal $11,000. If the taxpayer wishes to contribute to both their traditional and Roth IRAs, they would have to split the $5,500 maximum contribution limit between both accounts. For example, a taxpayer could contribute $2,500 to their traditional IRA and

$3,000 to their Roth IRA

Qualified distributions from Roth IRAs are exempt from tax. A qualified distribution is one that meets the following requirements: It is taken after the end of the five-year period that began January 1 of the tax year for which the account was set up. It is made after the account owner has died, becomes disabled, or reaches age 59½, or is used to buy, build, or rebuild the taxpayer's first home. Tax exempt Qualified distributions from Roth IRAs However, if no known exception applies, an early distribution is generally denoted by code 1 in box 7 of the taxpayer's Form

1099-R

For 2018, a nonparticipating spouse is allowed a full deduction for a traditional IRA contribution if the couple's MAGI is $189,000 or less. If their MAGI is greater than $189,000 but less than $199,000, the maximum deduction allowed is reduced. If their MAGI is $199,000 or higher, no deduction is allowed.

20189 MAJI phaseout limits

A defined contribution plan (also called a deferred compensation plan) is a retirement plan in which the employee or employer makes pre-tax contributions into a retirement account where the contributions and earnings grow tax-free until the money is withdrawn. The most commonly known type of deferred compensation plan is a 401(k)

401(k)

A deferred compensation plan available through a wide range of employers. Contributions to a 401(k) plan are tax-deferred to the employee (income tax is not charged on the amount of the contribution at the time it is made). Distributions from the plan are taxed as ordinary income to the recipient when received.

401(k) plan

A taxpayer who is covered by a qualified employer-maintained retirement plan, or a qualified self-employed retirement plan, if even for only one day during the year.

Active participant

Employers may opt to match all or part of the employee's contributions to the account. 401k tax advantages

Advantages of a 401(k)

An employee benefit plan that provides a fixed, pre-determined benefit for employees at retirement. The most common type of defined benefit plan is a pension plan.

Defined benefit plan

An IRA may be established and contributions may be made to the account up until the due date (not including extensions) of the return. That is to say, a contribution made to an IRA on or before April 15, 2019, may be designated for 2018, and a deduction is allowed on the 2018 return. Therefore, contributing to an IRA is one of the few actions a taxpayer can take to reduce tax liability after the tax year has ended.

IRA contribution deadline

To contribute to an IRA, a taxpayer must have earned income, or compensation. For IRA purposes, compensation includes wages, salaries, tips, commissions, professional fees, bonuses, net self-employment income, and other amounts the taxpayer receives for providing personal services, as well as alimony payments from a divorce decree entered on or before December 31, 2018.

IRA contributions

If the taxpayer's Form W-2 shows any nonqualified plan distribution or §457 plan distribution in box 11, that amount must be subtracted from the taxpayer's wages when determining their compensation for

IRA purposes

Investment income, foreign earned income, or business income where the taxpayer does not actively participate, does not qualify as compensation for IRA contributions. Any foreign earned income, housing exclusion, or deduction the taxpayer is claiming must be subtracted to arrive at total compensation.

IRA qualifying contributions

The maximum allowable Roth IRA contribution is phased out based on the taxpayer's MAGI. This phaseout range applies whether or not the taxpayer or spouse is an active participant. Participation in an employer-maintained retirement plan has no effect on Roth IRA contributions, and contributions can be made even after the taxpayer has reached age 70½. The following chart shows the 2018 Roth IRA MAGI phaseout ranges based on the taxpayer's filing status. For Roth IRA purposes, MAGI is computed in the same manner that it is for traditional IRAs, except that income resulting from the conversion of a traditional IRA into a Roth IRA is not

included

Voluntary employee contributions to qualified retirement plans.

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Juan (34) is unemployed and took a $4,000 distribution from his 401(k) to pay his health insurance premiums.

No This exception only applies to IRAs

Vicky (34) took a $10,000 distribution from her 401(k) to pay qualified first-time home-buying expenses.

No This exception only applies to IRAs

Annuity

An annuity is a series of payments under a contract, made at regular intervals over a period of more than one year. The taxpayer can buy the annuity contract alone or with the help of their employer. Annuities are often purchased from life insurance companies. For these types of retirement accounts, generally the employer or employee makes payments to fund the pension or annuity.

Missy (46) took a $6,910 distribution from her traditional IRA and used the entire amount to pay her son's qualified higher education expenses.

Yes Exception number 08

For tax purposes, investors sometimes need to change how a certain contribution is treated. A recharacterization allows a taxpayer to treat a regular contribution made to a Roth IRA or to a traditional IRA as having been made to the other type of IRA.

recharacterization

Jovita Bronson (41) is divorced. Her income for the year consisted of $1,000 in interest and $12,000 in alimony from a divorce decree entered prior to January 1, 2019. Jovita's maximum allowable traditional IRA contribution is

$5,500. For 2018 returns, alimony is considered compensation for traditional IRA purposes

457 plans are tax-advantaged, deferred compensation retirement plans available primarily to government employees. These 457 plans are not qualified plans, but their primary features are identical to qualified plans. Contributions to the plan, and earnings on those contributions, are tax-deferred until the employee receives distributions from the plan.

457 plans

Taxpayers may contribute 100% of their compensation up to $5,500 until age 50, or $6,500 if they are age

50 or older

Distributions from traditional and Roth IRAs are also reported on Form 1099-R. If a distribution is from an IRA (or a SEP or SIMPLE IRA), an appropriate code will be entered in box 7, and the small box to the right of box 7 will be checked.

IRA distributions

To establish and contribute to a traditional IRA, a taxpayer must have taxable compensation and must not have reached age 70½ by the end of the tax year. For this purpose, a taxpayer is considered to have reached age 70½ six months after their 70th birthday.

IRA eligibility

The following do not reduce the amount eligible for the Saver's Credit: Distributions directly rolled over or transferred from one trustee to another. Distributions of funds converted from a traditional IRA to a Roth IRA. Loans from qualified employer plans treated as distributions. Distributions of excess contributions or deferrals (plus earnings). Distributions of contributions made during the tax year (plus earnings) and withdrawn before the due date of the return (including extensions). Distributions of dividends on stock held by an employee stock ownership plan. Distributions from a military retirement plan.

do not reduce the saver's credit

A fully taxable distribution is a distribution in which the taxpayer did not make after-tax contributions, or from which all after-tax amounts have been recovered in previous years. If the taxpayer did not contribute any of their own money to the pension plan or annuity (for example, the employer paid all the costs), or if the taxpayer made only pre-tax contributions to a plan (such as in a §401(k) plan), the entire distribution amount received during the year is taxable. If a pension or annuity distribution is fully taxable, the amount received should be entered on Form 1040, line 4b. No entry is made on line 4a.

fully taxable distribution

A separate set of deduction limitations applies to married taxpayers who are not active participants in employer-maintained retirement plans, but who are filing joint returns with spouses who are active participants in such plans. These taxpayers are referred to as nonparticipating spouses. For 2018, a nonparticipating spouse is allowed a full deduction for a traditional IRA contribution if the couple's MAGI is $189,000 or less. If their MAGI is greater than $189,000 but less than $199,000, the maximum deduction allowed is reduced. If their MAGI is $199,000 or higher, no deduction

is allowed

Roger Williams (54) is single and earned $2,850 in wages. Because he has a large amount of investment income, he would like to contribute and deduct the largest allowable IRA amount to help reduce his tax liability. He has not yet made a contribution, but will do so before the due date of his return. Roger's maximum traditional IRA deduction is

$ 2850

Jim (48) and Sally (51) Spencer are married and filing a joint return for 2018. Jim earned $35,000, and Sally earned $2,500. Jim may contribute up to $5,500 to his IRA for 2018. If Jim contributes the $5,500, Sally's compensation for IRA purposes is $32,000 [$35,000 + $2,500 - $5,500 = $32,000]. The Spencers may contribute up to

$6,500 to Sally's IRA for 2018.

Contributions to an ABLE account of which the taxpayer is the designated beneficiary. ABLE accounts are tax-favored savings accounts created by The Achieving a Better Life Experience Act of 2014. They are designed to accept contributions for the benefit of eligible blind or disabled individuals.

Qualified Contributions

The primary difference between qualified employer-sponsored plans and nonqualified plans is the way they are treated for tax purposes. Qualified plans receive more favorable tax treatment because they meet the requirements of both of the following: IRC §401(a). The Employment Retirement Income Security Act of 1974 (ERISA).

Qualified Plans