Common use of Applicable Amount Clause in Contracts

Applicable Amount. The applicable amount is determined below: (i) If the Depositor is under age 50, the applicable amount is $6,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the $6,000 amount will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code § 219(b) (5) (D). Such adjustments will be in multiples of $500. (ii) If the Depositor is 50 or older, the applicable amount under paragraph (i) above is increased by $1,000 for any taxable year beginning in 2006 and years thereafter. (iii) If the Depositor was a participant in a Code § 401(k) plan of a certain employer in bankruptcy described in Code § 219(b)(5)(C), then the applicable amount under paragraph (i) above is increased by $3,000 for taxable years beginning after 2006 and before 2010 only. A Depositor who makes contributions under this paragraph (iii) may not also make contributions under paragraph (ii).

Appears in 2 contracts

Samples: Universal Individual Retirement Account Custodial Agreement, Custodial Account Agreement for Traditional and Roth Iras

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Applicable Amount. The applicable amount is determined below: (i) If the Depositor is under age 50, the applicable amount is $6,000 5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the $6,000 5,000 amount will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code § 219(b) (5) (D). Such adjustments will be in multiples of $500. (ii) If the Depositor is 50 or older, the applicable amount under paragraph (i) above is increased by $1,000 for any taxable year beginning in 2006 and years thereafter. (iii) If the Depositor was a participant in a Code § 401(k) plan of a certain employer in bankruptcy described in Code § 219(b)(5)(C), then the applicable amount under paragraph (i) above is increased by $3,000 for taxable years beginning after 2006 and before 2010 only. A Depositor who makes contributions under this paragraph (iii) may not also make contributions under paragraph (ii).

Appears in 2 contracts

Samples: Custodial Account Agreement for Traditional and Roth Iras, Universal Individual Retirement Account Custodial Agreement

Applicable Amount. The applicable amount is determined below: (i) i. If the Depositor is under age 50, the applicable amount is $6,000 for any taxable year beginning in 2008 2022 and years thereafter. After 2008, the The $6,000 amount will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code § 219(b) (5) (D). Such adjustments will be in multiples of $500. (ii) . If the Depositor is 50 or older, the applicable amount under paragraph (i) above is increased by $1,000 for any taxable year beginning in 2006 and years thereafter. (iii) . If the Depositor was a participant in a Code § 401(k) plan of a certain employer in bankruptcy described in Code § 219(b)(5)(C), then the applicable amount under paragraph (i) above is increased by $3,000 for taxable years beginning after 2006 and before 2010 only. A Depositor who makes contributions under this paragraph (iii) may not also make contributions under paragraph (ii).

Appears in 1 contract

Samples: Ira Adoption Agreement

Applicable Amount. The applicable amount is determined below: (i) If the Depositor is under age 50, the applicable amount is $6,000 5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the $6,000 5,000 amount will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code § 219(b) (5) (D219(b)(5)(D). Such adjustments will be in multiples of $500. (ii) If the Depositor is 50 or older, the applicable amount under paragraph (i) above is increased by $1,000 for any taxable year beginning in 2006 and years thereafter. (iii) If the Depositor was a participant in a Code § 401(k) plan of a certain employer in bankruptcy described in Code § 219(b)(5)(C), then the applicable amount under paragraph (i) above is increased by $3,000 for taxable years beginning after 2006 and before 2010 only. A Depositor who makes contributions under this paragraph (iii) may not also make contributions under paragraph (ii).

Appears in 1 contract

Samples: Custodial Agreement

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Applicable Amount. The applicable amount is determined below: (i) If the Depositor is under age 50, the applicable amount is $6,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the $6,000 amount will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code § 219(b) (5) (D). Such adjustments will be in multiples of $500.is (ii) If the Depositor is 50 or older, the applicable amount under paragraph (i) above is increased by $1,000 for any taxable year beginning in 2006 and years thereafter. (iii) If the Depositor was a participant in a Code § 401(k) plan of a certain employer in bankruptcy described in Code § 219(b)(5)(C), then the applicable amount under paragraph (i) above is increased by $3,000 for taxable years beginning after 2006 and before 2010 only. A Depositor who makes contributions under this paragraph (iii) may not also make contributions under paragraph (ii).

Appears in 1 contract

Samples: Custodial Agreement

Applicable Amount. The applicable amount is determined below: (i) If the Depositor is under age 50, the applicable amount is $6,000 for any taxable year beginning in 2008 2022 and years thereafter. After 2008, the The $6,000 amount will may be adjusted by the Secretary of the Treasury for cost-of-living increases under Code § 219(b) (5) (D). Such adjustments will be in multiples of $500. (ii) If the Depositor is 50 or older, the applicable amount under paragraph (i) above is increased by $1,000 for any taxable year beginning in 2006 and years thereafter. (iii) If the Depositor was a participant in a Code § 401(k) plan of a certain employer in bankruptcy described in Code § 219(b)(5)(C), then the applicable amount under paragraph (i) above is increased by $3,000 for taxable years beginning after 2006 and before 2010 only. A Depositor who makes contributions under this paragraph (iii) may not also make contributions under paragraph (ii).

Appears in 1 contract

Samples: Custodial Agreement

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