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In the divorce decree we were to divide the assets. This

Customer Question
In the divorce decree we...
In the divorce decree we were to divide the assets. This includes the money in my Thrift Savings Account. Because Thrift Savings Plan was not specifically named in the decree they will not pay out the funds. I need to amend the decree to name Thrift Savings Plan to divide the money
JA: OK. The Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: We did our own and filed everything online and it has been finalized in court
JA: Is there anything else important you think the Lawyer should know?
Customer: No lawyers were involved
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Lawyer about your situation and then connect you two.
Submitted: 1 year ago.Category: Tax
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6/2/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
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Customer reply replied 1 year ago
I need to amend the final decree specifically naming Thrift Savings Plan to divide my savings with my ex-wife where it states assets to be divided equally
Tax Professional: Lev, Tax Advisor replied 1 year ago

In order to divide assets in the qualified retirement account - you would need QDRO - Qualified Domestic Relations Order.

That is generally a separated documents attached to your divorce decree.

.

A QDRO is a judgment, decree or order for a retirement plan to pay child support, alimony or marital property rights to a spouse, former spouse, child or other dependent of a participant. The QDRO must contain certain specific information, such as:

  • the participant and each alternate payee’s name and last known mailing address , and
  • the amount or percentage of the participant's benefits to be paid to each alternate payee.

A QDRO may not award an amount or form of benefit that is not available under the plan.

A spouse or former spouse who receives QDRO benefits from a retirement plan reports the payments received as if he or she were a plan participant. The spouse or former spouse is allocated a share of the participant's cost (investment in the contract) equal to the cost times a fraction. The numerator of the fraction is the present value of the benefits payable to the spouse or former spouse. The denominator is the present value of all benefits payable to the participant.

A QDRO distribution that is paid to a child or other dependent is taxed to the plan participant.

An individual may be able to roll over tax-free all or part of a distribution from a qualified retirement plan that he or she received under a QDRO. If a person receiving QDRO payments is either the employee's spouse or former spouse (not as a nonspousal beneficiary), then he or she can roll it over, just as if he or she were the employee receiving a plan distribution and choosing to roll it over.

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Tax Professional: Lev, Tax Advisor replied 1 year ago

Sample Language for a Qualified Domestic Relations Order is provided in the IRS Notice 97-11

You may find specific document here

https://www.dol.gov/ebsa/publications/qdros_appc.html

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