Save time with our cheat sheets, fact sheets, checklists & books!

April 5, 2009

Adjusted closing balance

Print

Definition

 The adjusted closing balance is the fair market value of the assets at the end of the computation period plus:
As long as these occurred during the computation period

Referring Cite

TD 9056, IRS Form 5329

Additional Helpful Information

  • NIA calculations and allocations must be based on the overall value of an IRA and the dollar amounts contributed, distributed or recharacterized to or from the IRA. As a result, the principal amount of regular Roth IRA contributions cannot be protected against adjustment for their pro rata share of net income, including any net losses, during the computation period
  • See related definition Adjusted opening balance
More

Keep Learning

Applicable RMD Age

Applicable RMD Age The first year for which an IRA owner or plan participant must begin to take RMDs from their tax-deferred retirement account. RMDs

SIMPLE 401(k) Plan

Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions

Required Minimum Distribution (RMD)

Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.  For retirement account

Required beginning date (RBD)

Definition The date by which a retirement account owner must begin distributing required minimum distribution (RMD) amounts from a Traditional,  SEP or SIMPLE IRA, a

Be among the first to know when

IRA Rules
Change