Common use of Contribution Limits Clause in Contracts

Contribution Limits. Unless you are the age of 50 by the end of the year, contributions made on your behalf annually may not exceed the lesser of 100% of compensation or $5,500 (for tax year 2014 and 2015). These contribution amounts are increased annually to reflect a cost-of-living adjustment, if any. If you are age 50 or older by the close of the taxable year, you may make an additional contribution to your Traditional IRA for that tax year of up to $1,000. If you also maintain a Xxxx XXX, the maximum contribution to your Traditional IRA is reduced by any contributions you make to your Xxxx XXX. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the contribution limit or 100% of your compensation. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA and you make voluntary employee contributions to that separate account, the total amount listed above that you may contribute to all of your IRAs is reduced by those voluntary employee contributions. If you and your spouse file a joint federal income tax return and your compensation is less than your spouse’s (including zero), you and your spouse may each fund an IRA according to the contribution limits (above). However, the total contributions to both of your IRAs may not exceed the combined compensation of you and your spouse.

Contribution Limits. Unless you are the age of 50 by the end of the year, contributions made on your behalf annually may not exceed the lesser of 100% of compensation or $5,500 (for tax year 2014 and 2015). These contribution amounts are increased annually to reflect a cost-of-living adjustment, if any. If you are age 50 or older by the close of the taxable year, you may make an additional contribution to your Traditional IRA XXX for that tax year of up to $1,000. If you also maintain a Xxxx XXX, the maximum contribution to your Traditional IRA XXX is reduced by any contributions you make to your Xxxx XXX. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the contribution limit or 100% of your compensation. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA XXX and you make voluntary employee contributions to that separate account, the total amount listed above that you may contribute to all of your IRAs is reduced by those voluntary employee contributions. If you and your spouse file a joint federal income tax return and your compensation is less than your spouse’s (including zero), you and your spouse may each fund an IRA XXX according to the contribution limits (above). However, the total contributions to both of your IRAs may not exceed the combined compensation of you and your spouse.

Contribution Limits. Unless you are the age of 50 by the end of the year, contributions made on your behalf annually may not exceed the lesser of 100% of compensation or $5,500 6,000 (for tax year 2014 2020 and 20152021). These contribution amounts are increased annually to reflect a cost-of-living adjustment, if any. If you are age 50 or older by the close of the taxable year, you may make an additional contribution to your Traditional IRA for that tax year of up to $1,000. If you also maintain a Xxxx XXX, the maximum contribution to your Traditional IRA is reduced by any contributions you make to your Xxxx XXX. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the contribution limit or 100% of your compensation. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA and you make voluntary employee contributions to that separate account, the total amount listed above that you may contribute to all of your IRAs is reduced by those voluntary employee contributions. If you and your spouse file a joint federal income tax return and your compensation is less than your spouse’s (including zero), you and your spouse may each fund an IRA according to the contribution limits (above). However, the total contributions to both of your IRAs may not exceed the combined compensation of you and your spouse.