120 STAT. 1002
Applicability.
26 USC 403.
26 USC 402 note. 26 USC 408 note.
PUBLIC LAW 109–280—AUG. 17, 2006
‘‘(ii) the individual retirement plan shall be treated as an inherited individual retirement account or individual retirement annuity (within the meaning of section 408(d)(3)(C)) for purposes of this title, and ‘‘(iii) section 401(a)(9)(B) (other than clause (iv) thereof) shall apply to such plan. ‘‘(B) CERTAIN TRUSTS TREATED AS BENEFICIARIES.—For purposes of this paragraph, to the extent provided in rules prescribed by the Secretary, a trust maintained for the benefit of one or more designated beneficiaries shall be treated in the same manner as a trust designated beneficiary.’’. (2) SECTION 403(a) PLANS.—Subparagraph (B) of section 403(a)(4) of such Code (relating to rollover amounts) is amended by inserting ‘‘and (11)’’ after ‘‘(7)’’. (3) SECTION 403(b) PLANS.—Subparagraph (B) of section 403(b)(8) of such Code (relating to rollover amounts) is amended by striking ‘‘and (9)’’ and inserting ‘‘, (9), and (11)’’. (4) SECTION 457 PLANS.—Subparagraph (B) of section 457(e)(16) of such Code (relating to rollover amounts) is amended by striking ‘‘and (9)’’ and inserting ‘‘, (9), and (11)’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to distributions after December 31, 2006. SEC. 830. DIRECT PAYMENT OF TAX REFUNDS TO INDIVIDUAL RETIREMENT PLANS.
(a) IN GENERAL.—The Secretary of the Treasury (or the Secretary’s delegate) shall make available a form (or modify existing forms) for use by individuals to direct that a portion of any refund of overpayment of tax imposed by chapter 1 of the Internal Revenue Code of 1986 be paid directly to an individual retirement plan (as defined in section 7701(a)(37) of such Code) of such individual. (b) EFFECTIVE DATE.—The form required by subsection (a) shall be made available for taxable years beginning after December 31, 2006. SEC. 831. ALLOWANCE OF ADDITIONAL IRA PAYMENTS IN CERTAIN BANKRUPTCY CASES.
(a) ALLOWANCE OF CONTRIBUTIONS.—Section 219(b)(5) of the Internal Revenue Code of 1986 (relating to deductible amount) is amended by redesignating subparagraph (C) as subparagraph (D) and by inserting after subparagraph (B) the following new subparagraph: ‘‘(C) CATCHUP CONTRIBUTIONS FOR CERTAIN INDIVIDUALS.— ‘‘(i) IN GENERAL.—In the case of an applicable individual who elects to make a qualified retirement contribution in addition to the deductible amount determined under subparagraph (A)— ‘‘(I) the deductible amount for any taxable year shall be increased by an amount equal to 3 times the applicable amount determined under subparagraph (B) for such taxable year, and ‘‘(II) subparagraph (B) shall not apply. ‘‘(ii) APPLICABLE INDIVIDUAL.—For purposes of this subparagraph, the term ‘applicable individual’ means, with respect to any taxable year, any individual who was a qualified participant in a qualified cash or
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