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General government: Tax Treatment of 401(k) Transfers (2019-23)

Clarifying whether transfers of unclaimed savings from employer-based plans to states are distributions and should be subject to tax withholding could result in the Internal Revenue Service collecting over a million dollars annually in additional tax revenues if these transfers are taxable events.

Year Identified: 2019
Area Number: 23
Area Type: Cost Savings & Revenue Enhancement

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