Deductible Contributions Sample Clauses

Deductible Contributions. The deduction you can take for contributions made to your traditional IRA depends on whether you or your spouse was covered for any part of the year by an employer retirement plan. Your deduction is also affected by how much income you had, by your filing status and possibly by social security benefits you received. If you are covered by a retirement plan at work, use the table below to determine if your modified Adjusted Gross Income (AGI) affects the amount of your deduction. Please note: Your modified AGI may not be the same as your compensation. Your modified AGI may include income in addition to your compensation such as interest, dividends, and income from IRA distributions. You can use this chart to determine if your modified AGI affects the amount of your deduction if you are covered by a retirement plan at work. IF your tax filing status is ... AND your modified AGI is ... THEN you can take ... single or head of household $63,000 or less a full deduction more than $63,000 but less than $73,000 a partial deduction $73,000 or more no deduction married filing jointly or qualifying widow(er) $101,000 or less a full deduction more than $101,000 but less than $121,000 a partial deduction $121,000 or more no deduction married filing separately^ less than $10,000 a partial deduction $10,000 or more no deduction ^ (Based on IRS guidelines, your filing status is considered single if you didn’t live with your spouse at any time during the year.) If you aren’t covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction. IF your filing status is ... AND your modified AGI is ... THEN you can take ... Single, head of household, or qualifying widow(er) any amount a full deduction married filing jointly or separately with a spouse who isn’t covered by a plan at work any amount a full deduction married filing jointly with a spouse who is covered by a plan at work $189,000 or less a full deduction more than $189,000 but less than $199,000 a partial deduction $199,000 or more no deduction married filing separately with a spouse who is covered by a plan at work. (You are entitled to the full deduction if you didn’t live with your spouse at any time during the year.) less than $10,000 a partial deduction $10,000 or more no deduction You should refer to IRS Publication 590-A - Contributions to Individual Retirement Arrangements (IRAs) for additional information and worksheets to help you determine your modi...
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Deductible Contributions. Deductible Contributions shall not be accepted by the Plan. Any such Deductible Contributions made to the Plan for taxable years prior to 1987:
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Deductible Contributions. Before-tax contributions as defined in Code section 72(o)(5)(A) and earnings thereon made to a prior plan by an Employee for taxable years prior to 1987 that are held, together with gain or loss pursuant to section 5.8(b) of the Plan, in the Employee's Deductible Contributions Account.
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Deductible Contributions. If you are eligible to contribute to your IRA, the amount of the contribution for which you may take a tax deduction will depend upon whether you (or, in some cases, your spouse) are an active participant in an employer sponsored retirement plan. If you (and your spouse, if married) are not an active participant, your entire IRA contribution will be deductible. If you are an active participant (or are married to an active participant), the deductibility of your IRA contribution will depend on your modified adjusted gross income (MAGI) and your tax filing status for the tax year for which the contribution was made. MAGI is determined on your income tax return using your adjusted gross income but disregarding any deductible IRA contribution and certain other deductions and exclusions. Definition of Active Participant. Generally, you will be an active participant if you are covered by one or more of the following employer-sponsored retirement plans.
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Deductible Contributions. 28 3.4 Voluntary After-Tax Contributions.......................................28 3.5 Rollover Contributions..................................................29 3.6
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Deductible Contributions. A. The participant's contribution may be fully deductible if (i) in the case of an individual who is not married, the individual either has adjusted gross income ("AGI") that does not exceed the Applicable Dollar Amount or is not an active participant in an employer-maintained retirement plan for any part of the plan year ending with or within the taxable year; (ii) in the case of married taxpayers filing a joint return, either the couple has AGI that does not exceed the Applicable Dollar Amount or neither spouse is an active participant in an employer-maintained retirement plan for any part of the plan year ending with or within the taxable year; or (iii) in the case of a married taxpayer filing separately, either the taxpayer has AGI that does not exceed the Applicable Dollar Amount or neither spouse is an active participant in an employer-maintained retirement plan for any part of the plan year ending with or within the taxable year.
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Deductible Contributions. The limitations and restrictions on the deduction for contributions are as follows:
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Deductible Contributions. Your ability to deduct contributions to your IRA depends on whether you or your spouse are active participants in an employer- sponsored retirement plan, your modified adjusted gross income (modified AGI) and your filing status for the tax year in question. If you and, if applicable, your spouse were not active participants in an employer-sponsored retirement plan you generally can deduct your total Traditional IRA contributions up to the applicable contribution limit described above. If you are an active participant in an employer-sponsored retirement plan, the deductible IRA income phase-out limits are as follows:
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Related to Deductible Contributions

  • 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.

  • Charitable Contributions Make any charitable or similar contributions, except in amounts not to exceed five thousand dollars ($5,000) individually, and twenty thousand dollars ($20,000) in the aggregate.

  • Qualified Matching Contributions If selected below, the Employer may make Qualified Matching Contributions for each Plan Year (select all those applicable):

  • 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.

  • Employer Profit Sharing Contributions An Employee will be eligible to become a Participant in the Plan for purposes of receiving an allocation of any Employer Profit Sharing Contribution made pursuant to Section 11 of the Adoption Agreement after completing 1 (enter 0, 1, 2 or any fraction less than 2)

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

  • Contributions Without creating any rights in favor of any third party, the Member may, from time to time, make contributions of cash or property to the capital of the Company, but shall have no obligation to do so.

  • Rollover Contributions Generally, a rollover is a movement of cash or assets from one retirement plan to another. If you are required to take minimum distributions because you are age 70½ or older, you may not roll over any required minimum distributions. Both the distribution and the rollover contribution are reportable when you file your income taxes. You must irrevocably elect to treat such contributions as rollovers. IRA-to-IRA Rollover: You may withdraw, tax free, all or a portion of your Traditional IRA if you contribute the amount withdrawn within 60 days from the date you receive the distribution into the same or another Traditional IRA as a rollover. To complete a rollover of a SIMPLE IRA distribution to your Traditional IRA, at least two years must have elapsed from the date on which you first participated in any SIMPLE IRA plan maintained by the employer, and you must contribute the distribution within 60 days from the date you receive it. Only one IRA distribution within any 12-month period may be rolled over in an IRA-to-IRA rollover transaction. The 12-month waiting period begins on the date you receive an IRA distribution that you subsequently roll over, not on the date you complete the rollover transaction. If you roll over the entire amount of an IRA distribution (including any amount withheld for federal, state, or other income taxes that you did not receive), you do not have to report the distribution as taxable income. Any amount not properly rolled over within the 60-day period will generally be taxable in the year distributed (except for any amount that represents basis) and may be, if you are under age 59½, subject to the premature distribution penalty tax. Employer Retirement Plan-to-Traditional IRA Rollover (by Traditional IRA Owner): Eligible rollover distributions from qualifying employer retirement plans may be rolled over, directly or indirectly, to your Traditional IRA. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements and 403(a) arrangements. Amounts that may not be rolled over to your Traditional IRA include any required minimum distributions, hardship distributions, any part of a series of substantially equal periodic payments, or distributions consisting of Xxxx 401(k) or Xxxx 403(b) assets. To complete a direct rollover from an employer plan to your Traditional IRA, you must generally instruct the plan administrator to send the distribution to your Traditional IRA Custodian. To complete an indirect rollover to your Traditional IRA, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. Any amount not properly rolled over within the 60-day period will generally be taxable in the year distributed (except for any amount that represents after-tax contributions) and may be, if you are under age 59½, subject to the premature distribution penalty tax. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penalties. Conduit IRA: You may use your IRA as a conduit to temporarily hold amounts you receive in an eligible rollover distribution from an employer’s retirement plan. Should you combine or add other amounts (e.g., regular contributions) to your conduit IRA, you may lose the ability to subsequently roll these funds into another employer plan to take advantage of special tax rules available for certain qualified plan distribution amounts. Consult your tax advisor for additional information. Employer Retirement Plan-to-Traditional IRA Rollover (by Inherited Traditional IRA Owner): Please refer to the section of this document entitled “Inherited IRA”. Traditional IRA-to-Employer Retirement Plan Rollover: If your employer’s retirement plan accepts rollovers from IRAs, you may complete a direct or indirect rollover of your pre-tax assets in your Traditional IRA into your employer retirement plan. If you are required to take minimum distributions because you are age 70½ or older, you may not roll over any required minimum distributions. Rollover of Exxon Xxxxxx Settlement Income: Certain income received as an Exxon Xxxxxx qualified settlement may be rolled over to a Traditional IRA or another eligible retirement plan. The amount contributed cannot exceed the lesser of $100,000 (reduced by the amount of any qualified settlement income contributed to an eligible retirement plan in prior tax years) or the amount of qualified settlement income received during the tax year. Contributions for the year can be made until the due date for filing your return, not including extensions.

  • Additional Contributions The Member is not required to make any additional capital contribution to the Company. However, the Member may at any time make additional capital contributions to the Company in cash or other property.

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