Rev. 2023
A defined contribution plan is a retirement plan where an employer or employee makes contributions to a specific investment, such as a 401(k) or IRA. The value of the investment fluctuates based on market performance, and the benefits are determined by the amount in the account at the time of retirement.
For Form 8955-SSA, you will need to report the following information: the name of your employer or payer, the amount of elective deferrals made during the year, the total accumulated balance in the plan at the end of the year, and the type of annuity that will be provided for you upon separation from service.
A defined benefit plan is a type of pension plan where an employer promises to pay a specific amount of money to a retiree, regardless of the performance of the investments supporting the plan. The benefits are calculated based on a formula that typically takes into account the employee's salary and years of service.
The Privacy Act is a federal law that protects individuals' privacy rights when dealing with government agencies. It requires agencies to obtain an individual's consent before disclosing their personal information, and provides individuals with the right to access and correct their records.
The Paperwork Reduction Act requires federal agencies to obtain approval from the Office of Management and Budget (OMB) before implementing any new paperwork requirements on the public. It aims to reduce the burden of paperwork on individuals, businesses, and state and local governments.
The Social Security Administration (SSA) is an independent agency of the U.S. government that administers social security programs, including retirement, disability, and survivor benefits.
Form 8955-SSA, Report of Elective Deferrals, is a form used by taxpayers who participate in certain employer-sponsored non-elective deferred compensation plans. It is used to report elective deferrals made during the year and the total accumulated balance in the plan.
Form 8955-SSA is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
The easiest way to fill Form 8955-SSA online
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