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Deduction Limits Sample Clauses

Deduction Limits. If you are not an active participant, your entire contribution may only be designated as a rollover if the IRA regular contribution to your IRA is generally deductible. Your distribution is deposited within 60 calendar days following the date marital status may affect your deduction amount. If you are an you receive the distributed assets. The 60-day period may be active participant, the amount you can deduct depends on your extended to 120 days for a first-time homebuyer distribution where You may only roll over one IRA distribution per 1-year period tax-filing status and MAGI affect your deduction. If you are an MAGI for the tax year for which the contribution applies. The there is a delay or cancellation in the purchase or construction of the following chart shows how your active participant status and home. You are limited to one rollover per 1-year (12-month) period. active participant, the greater your MAGI, the lesser the amount you may deduct. aggregated between all of your IRAs. For this purpose IRA includes rollovers among traditional (including SEP), SIMPLE, and Xxxx tax on the taxable amount of the distribution that is not rolled IRAs. For example, if you have IRA 1, IRA 2, and IRA 3, and take over, unless a penalty tax exception applies. Your distribution is a distribution from IRA 1 and roll it over into a new IRA 4, you will only eligible to be contributed to an IRA during the 60 days have to wait 1 year from the date of that distribution to take another following your receipt of a plan distribution. There may be distribution from any of your IRAs and subsequently roll it over into exceptions to completing the rollover within 60 days. For an IRA. The 1-year limitation does not apply to rollovers related to example, exceptions for making a late rollover are available for first-time homebuyer distributions, distributions converted to a Xxxx rolling over the return of an improper tax levy as well as for IRA, and rollovers to or from an employer-sponsored eligible rolling over qualified plan loan offset amounts. Generally, these retirement plan. exceptions permit amounts to be rolled over until the tax-filing
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Deduction Limits. If you are not an active participant, your entire regular contribution to your XXX is generally deductible. Your marital status may affect your deduction amount. If you are an active participant, the amount you can deduct depends on your MAGI for the tax year for which the contribution applies. The following chart shows how your active participant status and
Sample 1Sample 2Sample 3See All (4)
Deduction Limits. In no event shall the Employer Contributions for a Plan Year exceed the maximum the Company estimates will be deductible (or which would be deductible if the Employers had taxable income) by any Employer or Commonly Controlled Entity under Section 404 of the Code (“Deductible Amount”). Any amount in excess of the Deductible Amount shall not be contributed in the following order of Contribution type, to the extent needed to eliminate the excess: (1) Each Participant’s allocable share of Pre-Tax Contributions for the Plan Year will be reduced by an amount equal to the excess of the Participant’s Pre-Tax Contributions over an amount which bears the same ratio to the amount of Pre-Tax Contributions made to the Plan on behalf of such Participant during the Plan Year as the Deductible Amount available for the Plan Year (reduced by the total amount of other types of Employer Contributions for the Plan Year) bears to the aggregate Pre-Tax Contributions made to the Plan on behalf of all Participants subject to such Deductible Amount during the Plan Year (before the application of this provision). (2) If the application of Section (a)(1) would result in a reduction of a Participant’s Pre-Tax Contributions which are matched by Matching Contributions, the rate at which Pre-Tax Contributions are reduced shall be offset by a reduction for each Matching Contribution not made as a result. (3) Pay Based Contributions.
Sample 1See All (4)
Deduction Limits. If you are not an active participant, your entire regular contribution to your IRA is generally deductible. Your marital status may affect your deduction amount. If you are an active participant, the amount you can deduct depends on your MAGI for the tax year for which the contribution applies. The following chart shows how your active participant status and
Sample 1Sample 2
Deduction Limits. If you are not an active participant, your entire contribution may only be designated as a rollover if the IRA regular contribution to your IRA is generally deductible. Your distribution is deposited within 60 calendar days following the date marital status may affect your deduction amount. If you are an you receive the distributed assets. The 60-day period may be active participant, the amount you can deduct depends on your extended to 120 days for a first-time homebuyer distribution where following chart shows how your active participant status and MAGI for the tax year for which the contribution applies. The there is a delay or cancellation in the purchase or construction of the tax-filing status and MAGI affect your deduction. If you are an active participant, the greater your MAGI, the lesser the amount you may deduct.
Sample 1
Deduction Limits. The Employer shall only check-off obligations which come due at the time of check-off and will make check-off deductions only if the employee has enough pay due to cover such obligation. When an employee is on non-pay status during a part of a pay period, and the wages are not sufficient to cover the full withholding, no deductions shall be made. In this connection, all other legal and required deductions have priority over Union dues. Deductions shall be made only in accordance with the provisions of the check-off authorization form, together with the provisions of the Agreement. The Employer shall have no responsibility for the collection of initiation fees, membership dues, special assessment, service fees or any other deductions not in accordance with this provision. The Employer is not responsible for refund to the employee if she has duplicated a check-off deduction by direct payment to the Union.
Sample 1

Related to Deduction Limits

  • Salary Deductions Salaried employees (E-level classifications) who are permanently assigned to full-time job classifications are paid on a bi-weekly salary basis. Salaried employees are paid a bi-weekly salary based on a minimum of two (2) forty (40) hour workweeks. The bi-weekly salary received by salaried employees will not be reduced regardless of the number of hours the salaried employee actually works in any week in which the salaried employee performs any work except for the following deductions: (A) Deductions from a salaried employee's salary may be made for any workweek in which the salaried employee performs no work. (B) Deductions from a salaried employee's salary may be made when the employee absents himself from work for a full day or days for personal reasons, other than sickness or accident. This provision shall not prevent appropriate deductions from being made from any employee's vacation leave balance pursuant to Article 11 of this Agreement for absences of less than a day for personal reasons, other than sickness or accident. (C) Deductions from an employee's salary may be made when a salaried employee absents himself from work for a day (or days) for sickness or accident disability in accordance with the provisions of Articles 13 and 14 of this Agreement. (D) Deduction in a salaried employee's salary may be made for the initial or terminal week of the salaried employee if the salaried employee fails to work the entire workweek.

  • Tax Gross-Up Amount Developer’s liability for the cost consequences of any current tax liability under this Article 5.17 shall be calculated on a fully grossed-up basis. Except as may otherwise be agreed to by the parties, this means that Developer will pay Connecting Transmission Owner, in addition to the amount paid for the Attachment Facilities and System Upgrade Facilities and System Deliverability Upgrades, an amount equal to (1) the current taxes imposed on Connecting Transmission Owner (“Current Taxes”) on the excess of (a) the gross income realized by Connecting Transmission Owner as a result of payments or property transfers made by Developer to Connecting Transmission Owner under this Agreement (without regard to any payments under this Article 5.17) (the “Gross Income Amount”) over (b) the present value of future tax deductions for depreciation that will be available as a result of such payments or property transfers (the “Present Value Depreciation Amount”), plus (2) an additional amount sufficient to permit the Connecting Transmission Owner to receive and retain, after the payment of all Current Taxes, an amount equal to the net amount described in clause (1). For this purpose, (i) Current Taxes shall be computed based on Connecting Transmission Owner’s composite federal and state tax rates at the time the payments or property transfers are received and Connecting Transmission Owner will be treated as being subject to tax at the highest marginal rates in effect at that time (the “Current Tax Rate”), and (ii) the Present Value Depreciation Amount shall be computed by discounting Connecting Transmission Owner’s anticipated tax depreciation deductions as a result of such payments or property transfers by Connecting Transmission Owner’s current weighted average cost of capital. Thus, the formula for calculating Developer’s liability to Connecting Transmission Owner pursuant to this Article

  • 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.

  • Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.

  • 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.

Most Referenced Clauses

Most Referenced Definitions