Illinois Compiled Statutes 765 ILCS 1026/15-203 – When other tax-deferred account presumed abandoned
Current as of: 2024 | Check for updates
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(a) Subject to Section 15-210 and except for property described in Section 15-202, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income-tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earlier of:
(1) the date, if determinable by the holder,
(1) the date, if determinable by the holder,
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specified in the income-tax laws and regulations of the United States by which distribution of the property must begin to avoid a tax penalty, with no distribution having been made; or
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(2) 30 years after the date the account was opened.
(b) If the owner is deceased, then property subject to this Section is presumed abandoned 2 years from the earliest of:
(1) the date of the distribution or attempted
Terms Used In Illinois Compiled Statutes 765 ILCS 1026/15-203
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(b) If the owner is deceased, then property subject to this Section is presumed abandoned 2 years from the earliest of:
(1) the date of the distribution or attempted
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distribution of the property;
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(2) the date of the required distribution as stated
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in the plan or trust agreement governing the plan; or
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(3) the date, if determinable by the holder,
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specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty.
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