Common use of ADDITIONAL TAXES AND PENALTIES Clause in Contracts

ADDITIONAL TAXES AND PENALTIES. If you are under age 59½ and receive a nonqualified premature distribution from your Xxxx XXX, an additional 10% income tax will apply on the taxable amount of the distribution (generally the earnings portion only), unless an exception under Section 72(t) applies. A 10% additional tax will be assessed if you are under age 59½ if you are deemed to withdraw any portion of a conversion that you made to your Xxxx XXX before five years have lapsed from the conversion year, even if such distribution is otherwise nontaxable. If you make an excess contribution to your Xxxx XXX and it is not corrected on a timely basis, an excise tax of 6% is imposed on the excess amount. This tax will apply each year to any part or all of the excess which remains in your account. If you should die, and the appropriate required death distributions are not made from your Xxxx XXX, an excise tax of 50% is assessed to your beneficiary based upon the difference between the amount that should have been distributed and the amount that was actually distributed. You may be required to file IRS Form 5329 with the Internal Revenue Service for any year an additional tax is due.

ADDITIONAL TAXES AND PENALTIES. If you are under age 59½ and receive a nonqualified premature distribution from your Xxxx XXX, an additional 10% income tax will apply on the taxable amount of the distribution (generally the earnings portion only), unless an exception under Section 72(t) applies. A 10% additional tax will be assessed if you are under age 59½ if you are deemed to withdraw any portion of a conversion that you made from your traditional IRA to your Xxxx XXX before five years have lapsed from the conversion year, even if such distribution is otherwise nontaxable. If you make an excess contribution to your Xxxx XXX and it is not corrected on a timely basis, an excise tax of 6% is imposed on the excess amount. This tax will apply each year to any part or all of the excess which remains in your account. If you should die, and the appropriate required death distributions are not made from your Xxxx XXX, an excise tax of 50% is assessed to your beneficiary based upon the difference between the amount that should have been distributed and the amount that was actually distributed. You may be required to file IRS Form 5329 with the Internal Revenue Service for any year an additional tax is due.

ADDITIONAL TAXES AND PENALTIES. If you are under age 59½ 59 ½ and receive a nonqualified premature distribution from your Xxxx XXX, an additional 10% income tax will apply on the taxable amount of the distribution (generally the earnings portion only), unless an exception under Section 72(t) applies. A 10% additional tax will be assessed if you are under age 59½ 59 ½ if you are deemed to withdraw any portion of a conversion that you made from your traditional XXX to your Xxxx XXX before five years have lapsed from the conversion year, even if such distribution is otherwise nontaxable. If you make an excess contribution to your Xxxx XXX and it is not corrected on a timely basis, an excise tax of 6% is imposed on the excess amount. This His tax will apply each year to any part or all of the excess which remains in your account. If you should die, and the appropriate required death distributions are not made from your Xxxx XXX, an excise tax of 50% is assessed to your beneficiary ben- eficiary based upon the difference between the amount that should have been distributed and the amount that was actually distributed. You may be required to file IRS Form 5329 with the Internal Revenue Service for any year an additional tax is due.

ADDITIONAL TAXES AND PENALTIES. If you are under age 59½ 59 ½ and receive a nonqualified premature distribution from your Xxxx XXX, an additional 10% income tax will apply on the taxable amount of the distribution (generally the earnings portion only), unless an exception under Section 72(t) applies. A 10% additional tax will be assessed if you are under age 59½ 59 ½ if you are deemed to withdraw any portion of a conversion that you made from your traditional IRA to your Xxxx XXX before five years have lapsed from the conversion year, even if such distribution is otherwise nontaxable. If you make an excess contribution to your Xxxx XXX and it is not corrected on a timely basis, an excise tax of 6% is imposed on the excess amount. This His tax will apply each year to any part or all of the excess which remains in your account. If you should die, and the appropriate required death distributions are not made from your Xxxx XXX, an excise tax of 50% is assessed to your beneficiary ben- eficiary based upon the difference between the amount that should have been distributed and the amount that was actually distributed. You may be required to file IRS Form 5329 with the Internal Revenue Service for any year an additional tax is due.

ADDITIONAL TAXES AND PENALTIES. If you are under age 59½ and receive a nonqualified premature distribution from your Xxxx XXX, an additional 10% income tax will apply on the taxable amount of the distribution (generally the earnings portion only), unless an exception under Section 72(t) applies. A 10% additional tax will be assessed if you are under age 59½ if you are deemed to withdraw any portion of a conversion that you made to your Xxxx XXX before five years have lapsed from the conversion year, even if such distribution is otherwise nontaxable. If you make an excess ex cess contribution to your Xxxx XXX and it is not corrected on a timely basis, an excise tax of 6% is imposed on the excess amount. This tax will apply each year to any part or all of the excess which remains in your account. If you should die, and the appropriate required death distributions are not made from your Xxxx XXX, an excise tax of 50% is assessed to your beneficiary based upon the difference between the amount that should have been distributed and the amount that was actually distributedd istributed. You may be required to file IRS Form 5329 with the Internal Revenue Service for any year an additional tax is due.