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Panel lays over bill to require annuity contract providers to correct IRA contribution year designation to match taxpayer notice
Summary
House File 2048 would require insurance companies and annuity contract providers to re-designate IRA contribution tax year when notified within a three-year window, aligning state practice with federal correction guidance; sponsor said the bill conforms state reporting to federal instructions.
The House Tax Committee heard House File 2,048 on April 9, a bill that would require annuity contract providers and insurance companies to re-designate the tax year of IRA contributions when notified of an error within a three-year window so that the contribution counts for the earlier tax year.
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