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Current as of January 01, 2022 | Updated by FindLaw Staff
§ 15-203. When other tax-deferred account presumed abandoned.
(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, 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
(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 distribution of the property;
(2) the date of the required distribution as stated in the plan or trust agreement governing the plan; or
(3) the date, if determinable by the holder, 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.
Cite this article: FindLaw.com - Illinois Statutes Chapter 765. Property § 1026/15-203. When other tax-deferred account presumed abandoned - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-765-property/il-st-sect-765-1026-15-203/
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