On Jan. 22, IOW LEG adopted rule on reporting of unclaimed property.
IOW LEG reported adoption of rule amendments on reporting, claiming of unclaimed property, amend Iowa Administrative CodeIOW LEG 781-9, Unclaimed Property.
Redlined version of rule amendments included in State Register beginning on p. 8485.
Rule Amendments
Amendments provided additional guidance for the reporting of individual retirement accounts (IRAs), retirement accounts, and other tax-advantaged savings vehicles.
Reporting, delivery of property in Roth IRA extended until three years after date in US income tax laws which distribution must occur to avoid tax penalty after owner death.
Updated section on tax-advantaged accounts to include nonretirement or plan that qualifies for tax deferral, rather than just tax-advantaged college savings accounts.
Uncashed distribution checks issued from tax-advantaged accounts reportable three years from date property became reportable; for plan account, per IRS 1099-Q form.
Added if holder fails perform due diligence, Treasurer may charge $5 for each name, address account reported if 35% or more claimed within 24 months after report filing.
Effectiveness
Rulemaking adopted by Treasurer of State on Dec. 1, 2024; effective Feb. 26, 2025.
Regulators
IOW LEG
Entity Types
CNSM; Corp
Reference
IOW SR Vol. 47 No. 15 p. 8484, 1/22/2025; Citation: IOW LEG 781-9;
