Common use of Contributions to Multiple IRAs Clause in Contracts

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 may not exceed the amounts of such distributions and is in addition to other eligible contribution amounts. No tax deduction is allowed for these contributions. For more information, consult your tax advisor.

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 XXXIRA, the contribution limits listed below are reduced by any amounts you contribute to your Traditional XXX 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 XXX 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. Regular XXX IRA 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 IRA 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 IRA Contributions. If you are married, file a joint tax return and your compensation is less than your spouse’s spouse‟s (including zero), you and your spouse may each fund a Xxxx XXX according to the limits for funding “Regular XXX IRA 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 may not exceed the amounts of such distributions and is in addition to other eligible contribution amounts. No tax deduction is allowed for these contributions. For more information, consult your tax advisor.

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 XXXIRA, the contribution limits listed below are reduced by any amounts you contribute to your Traditional XXX 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 XXX 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. Regular XXX IRA 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 IRA 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 IRA 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 IRA 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 may not exceed the amounts of such distributions and is in addition to other eligible contribution amounts. No tax deduction is allowed for these contributions. For more information, consult your tax advisor.

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 XXXIRA, the contribution limits listed below are reduced by any amounts you contribute to your Traditional XXX 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 XXX 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. Regular XXX IRA Contributions. You may annually contribute up to the lesser of 100% of your compensation or the maximum amount listed below. $5,000 5,500 (for tax year 2008-2012 $5,500 for tax year 20132013 and 2014). The regular XXX IRA contribution amounts listed above will be are 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 IRA 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 IRA 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 may not exceed the amounts of such distributions and is in addition to other eligible contribution amounts. No tax deduction is allowed for these contributions. For more information, consult your tax advisor.