Contributions to Multiple IRAs Sample Clauses

Contributions to Multiple IRAs. If you have more than one Xxxx XXX, the contribution limits listed below apply to the total amount you may contribute to all of your Xxxx IRAs for the year. If you also have a Traditional XXX, the contribution limits listed below are reduced by any amounts you contribute to your Traditional XXX for the tax year. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an XXX and you make voluntary employee contributions to that separate account, the total amount listed below that you may contribute to all of your IRAs is reduced by those voluntary employee contributions. Regular XXX Contributions. You may annually contribute up to the lesser of 100% of your compensation or the maximum amount listed below. $5,000 for tax year 2008-2012 $5,500 for tax year 2013. The regular XXX contribution amounts listed above will be increased annually to reflect a cost-of-living adjustment, if any. Catch-up Contributions. If you are age 50 or older before the end of the tax year, you may make an additional catch-up contribution to your Xxxx XXX for that tax year of up to $1,000. For tax years 2007-2009 (and for later years if allowed under the Code), you may be eligible for an additional catch-up contribution for the tax year up to $3,000, if you are now or have in the past been a participant in a 401(k) plan where the employer sponsoring the 401(k) plan was involved in bankruptcy and certain other requirements as defined in the Code and Regulations are satisfied. You do not have to be 50 or older to make this catch-up contribution due to bankruptcy. However, if you are 50 or older before the end of the tax year and also qualify for the catch-up contribution due to bankruptcy, you cannot take advantage of the catch-up contribution for individuals 50 or older. Spousal XXX Contributions. If you are married, file a joint tax return and your compensation is less than your spouse’s (including zero), you and your spouse may each fund a Xxxx XXX according to the limits for funding “Regular XXX Contributions” above. However, the total contributions made to both of your Xxxx IRAs may not exceed the combined compensation of you and your spouse. Repayments of Qualified Reservist Distributions. You may repay “qualified reservist distributions” by making one or more contributions to your Xxxx XXX within two years of the end of your active duty. The aggregate amount that may be repaid ma...
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Contributions to Multiple IRAs. If you have more than one Xxxx XXX, the contribution limits listed below apply to the total amount you may contribute to all of your Xxxx IRAs for the year. If you also have a Traditional IRA, the contribution limits listed below are reduced by any amounts you contribute to your Traditional IRA for the tax year. 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 below that you may contribute to all of your IRAs is reduced by those voluntary employee contributions. Contribution Limits. Your annual contribution amount may not exceed $6,000 for tax year 2022 and $6,500 for 2023 with possible cost-of-living adjustments each year thereafter. For each year in which you are age 50 or older before the end of the calendar year, you may make an additional catch-up contribution of up to $1,000. Your total contribution amount (including catch-up, if applicable) may not, however, exceed an amount equal to your compensation for that tax year unless you are married and filing a joint tax return. If you are married, filing a joint tax return, the total amount you and your spouse may contribute to IRAs in aggregate for any tax year (including catch-up contributions, if applicable) may not exceed the combined compensation of you and your spouse for that same tax year. If your MAGI is above a certain amount, your contribution limit may be reduced, see “MAGI Limits” above.
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Related to Contributions to Multiple IRAs

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • In-Kind Contributions For clarity, In-Kind contributions will only be recognized as eligible when the costs incurred by the Applicant are incidental to its ordinary course of business, directly attributable to the Project and easily auditable.

  • Payment of Contributions The College and eligible academic staff members shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

  • Annual Contributions □ Check enclosed in the amount of $ representing current contribution for tax year 20 . This contribution does not exceed the maximum permitted amount for the year of contribution as described in the Xxxx XXX Disclosure Statement. If no tax year is indicated, contribution will automatically apply to current year.

  • Return of Contributions The General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall be made solely from Partnership assets.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • User Contributions The Website may contain message boards, chat rooms, personal web pages or profiles, forums, bulletin boards, and other interactive features (collectively, "Interactive Services") that allow users to post, submit, publish, display, or transmit to other users or other persons (hereinafter, "post") content or materials (collectively, "User Contributions") on or through the Website. All User Contributions must comply with these Terms of Use. Any User Contribution you post to the site will be considered non-confidential and non- proprietary. By providing any User Contribution on the Website, you grant us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns the right to use, reproduce, modify, perform, display, distribute, and otherwise disclose to third parties any such material. You represent and warrant that: • You own or control all rights in and to the User Contributions and have the right to grant the license granted above to us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns. • All of your User Contributions do and will comply with these Terms of Use. You understand and acknowledge that you are responsible for any User Contributions you submit or contribute, and you, not the Company, have full responsibility for such content, including its legality, reliability, accuracy, and appropriateness. We are not responsible or liable to any third party for the content or accuracy of any User Contributions posted by you or any other user of the Website.

  • Investment of Contributions At the direction of the Designated Beneficiary (or the direction of the Depositor or the Responsible Individual, whichever applies) the Custodian shall invest all contributions to the account and earnings thereon in investments acceptable to the Custodian, which may include marketable securities traded on a recognized exchange or "over the counter" (excluding any securities issued by the Custodian), covered call options, certificates of deposit, and other investments to which the Custodian consents, in such amounts as are specifically selected and specified in orders to the Custodian in such form as may be acceptable to the Custodian, without any duty to diversify and without regard to whether such property is authorized by the laws of any jurisdiction as a custodial account investment. The Custodian shall be responsible for the execution of such orders and for maintaining adequate records thereof. However, if any such orders are not received as required, or, if received, are unclear in the opinion of the Custodian, all or a portion of the contribution may be held uninvested without liability for loss of income or appreciation, and without liability for interest pending receipt of such orders or clarification, or the contribution may be returned. The Custodian may, but need not, establish programs under which cash deposits in excess of a minimum set by it will be periodically and automatically invested in interest-bearing investment funds. The Custodian shall have no duty other than to follow the written investment directions of the Designated Beneficiary (or the Depositor or Responsible Individual), and shall be under no duty to question said instructions and shall not be liable for any investment losses sustained by the Designated Beneficiary.

  • Initial Contributions The Members initially shall contribute to the Company capital as described in Schedule 2 attached to this Agreement.

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