DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES Sample Clauses

DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. Deferred tax assets and deferred tax liabilities as follow : Baht Consolidated financial statements Separate financial statements As at June As at December As at June As at December 30, 2019 31, 2018 30, 2019 31, 2018 Deferred tax assets 27,652,973 25,222,960 12,803,095 10,948,689 Deferred tax liabilities (784,992,399) (566,610,070) (142,565,061) (45,806,502) Deferred tax assets (liabilities) - net (757,339,426) (541,387,110) (129,761,966) (34,857,813) Changes for the six-month period ended June 30, 2019 was summarized as follows: Baht Consolidated financial statements Balance as at Revenue (expenses) during the period Balance as at December 31, 2018 In profit or loss In other comprehensive income June 30, 2019 Deferred tax assets: Trade account receivable 13,865,194 (7,298,253) - 6,566,941 Employee benefits obligations 29,827,360 9,481,340 - 39,308,700 Straight line method of rental 14,604,569 187,375 - 14,791,944 Unrealized loss on remeasuring available-for-sale investments 1,329,071 - (42,400) 1,286,671 Other 385,230 - - 385,230 Total 60,011,424 2,370,462 (42,400) 62,339,486 Deferred tax liabilities: Financial lease agreements (236,436) 86,636 - (149,800) Unrealized gain on remeasuring available-for-sale investments Fair value adjustment of assets regarding business combinations 477,592,211 124,042,759 - (1,872,783) 220,066,525 - 697,658,736 122,169,976 Total 601,398,534 (1,786,147) 220,066,525 819,678,912 Deferred tax assets (liabilities) - net (541,387,110) (757,339,426) Baht Separate financial statements Balance as at Revenue (expenses) during the period Balance as at December 31, 2018 In profit or loss In other comprehensive income June 30, 2019 Deferred tax assets: Trade account receivable 239,163 31,321 - 270,484 Employee benefit obligations 10,693,526 1,835,085 - 12,528,611 Straight line method of rental 16,000 (12,000) - 4,000 Total 10,948,689 1,854,406 - 12,803,095 Deferred tax liabilities: Financial lease agreements (236,436) 86,636 - (149,800) Unrealized gain on remeasuring available-for-sale investments 46,042,938 - 96,671,923 142,714,861 Total 45,806,502 86,636 96,671,923 142,565,061 Deferred tax assets (liabilities) - net (34,857,813) (129,761,966)
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DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. 12.1 Deferred tax assets and deferred tax liabilities are as follows : In Thousand Baht Consolidated financial statements Separate financial statements As at March As at December As at March As at December 31, 2021 31, 2020 31, 2021 31, 2020 Deferred tax assets 22,313 21,960 18,081 17,739 Deferred tax liabilities (56,952) (57,581) (18,513) (18,785) (34,639) (35,621) (432) (1,046)
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DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. Changes in deferred tax assets and deferred tax liabilities are summarized as follows: Thousand Baht Balance as at Revenue (expenses) during the period Balance as at Dec. 31, 2020 In profit or loss In other comprehensive income Jun. 30, 2021 Deferred tax assets: Trade account receivables 194 (29) - 165 Right-of-use assets 13 (2) - 11 Other current provisions 3,000 (170) - 2,830 Non-current provision for employee benefit 15,068 1,270 - 16,338 Total 18,275 1,069 - 19,344 Deferred tax liabilities: Unrealized gain on remeasuring Other - non current financial assets (27,160) - (3,067) (30,227) Total (27,160) - (3,067) (30,227) Deferred tax assets (liabilities) - net (8,885) (10,883)
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DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. 24.1 Deferred tax assets and deferred tax liabilities as follows: In Baht Consolidated Financial Statements Separate Financial Statements 2019 2018 2019 2018 Deferred tax assets 16,496,382.57 15,368,525.59 16,496,382.57 15,368,525.59 Deferred tax liabilities (1,851,286.04) (1,273,385.20) (3,572,858.60) (2,994,957.76) Net 14,645,096.53 14,095,140.39 12,923,523.97 12,373,567.83 24.2 Changes in deferred tax assets and deferred tax liabilities for the years ended December 31, 2019 and 2018 are summarized as follows: In Baht Consolidated Financial Statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 18 In profit or loss In other comprehensive income Dec. 31, 19 Deferred tax assets: Allowance for doubtful other receivable - 196,000.00 - 196,000.00 Allowance for declining value-clubhouse 640,721.81 (289,801.27) - 350,920.54 Provisions for employee benefits 10,822,333.40 1,122,420.00 699,581.93 12,644,335.33 Provisions for compensation for housing estate juristic persons 3,905,470.38 (600,343.68) - 3,305,126.70 Total 15,368,525.59 428,275.05 699,581.93 16,496,382.57 Deferred tax liabilities: Unrealized gain on remeasuring held for trade investments (15,945.47) (769.73) - (16,715.20) Property development costs and inventories (1,257,439.73) (577,131.11) - (1,834,570.84) Total (1,273,385.20) (577,900.84) - (1,851,286.04) Net 14,095,140.39 (149,625.79) 699,581.93 14,645,096.53 In Baht Consolidated Financial Statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 17 In profit or loss In other Deferred tax assets: Allowance for doubtful other receivable - - - - Allowance for declining value-clubhouse 537,786.80 102,935.01 - 640,721.81 Provisions for employee benefits 7,380,808.20 3,441,525.20 - 10,822,333.40 Provisions for compensation for housing estate juristic persons 3,251,071.75 654,398.63 - 3,905,470.38 Total 11,169,666.75 4,198,858.84 - 15,368,525.59 Deferred tax liabilities: Unrealized gain on remeasuring held for trade investments (15,277.10) (668.37) - (15,945.47) Property development costs and inventories (6,218,528.06) 4,961,088.33 - (1,257,439.73) Total (6,233,805.16) 4,960,419.96 - (1,273,385.20) Net 4,935,861.59 9,159,278.80 - 14,095,140.39 comprehensive income Dec. 31, 18 In Baht Separate Financial Statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 18 In profit or loss In other Dec. 31, 19 comprehensive income Deferred tax assets: Allowance for doubtful other receiv...
Sample 1
DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. Deferred tax assets and deferred tax liabilities as follows:- Baht Consolidated financial statements Separate financial statements As at June 30, 2021 As at December 31, 2020 As at June 30, 2021 As at December 31, 2020 Deferred tax assets 9,649,951 8,280,447 20,343,137 18,465,340 Deferred tax liabilities (70,865,718) (74,525,433) (90,125,720) (91,848,302) Deferred tax assets (liabilities) (61,215,767) (66,244,986) (69,782,583) (73,382,962)
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DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. Changes in deferred tax assets and deferred tax liabilities for the year ended December 31, 2014 and 2013, were summarized as follows: Baht Consolidated financial statements As at December Income (expense) during the year As at December 31, 2013 (Restated) In profit or loss In other comprehensive income 31, 2014 Deferred tax assets : Allowance for doubtful accounts 32,367,406.10 (6,981,840.12) - 25,385,565.98 Allowance for decline in value of obsolete stocks 35,905,332.89 2,145,038.81 - 38,050,371.70 Allowance for impairment of investment 1,195,490.62 (1,195,490.62) - - Employee benefit obligation 14,152,731.28 (420,702.92) (367,390.40) 13,364,637.96 Loss carried forward on tax bases 32,208,202.00 9,021,460.00 - 41,229,662.00 Total 115,829,162.89 2,568,465.15 (367,390.40) 118,030,237.64 Deferred tax liabilities : Accelerated capital allowances for tax purposes (1,182,622.00) (200,694.00) - (1,383,316.00) Total (1,182,622.00) (200,694.00) - (1,383,316.00) Deferred tax assets (liabilities) , net 114,646,540.89 116,646,921.64 Consolidated financial statements As at December Income (expense) during the year As at December 31, 2012 (Restated) In profit or loss In other comprehensive income 31, 2013 (Restated) Deferred tax assets : Allowance for doubtful accounts 34,712,829.28 (2,345,423.18) - 32,367,406.10 Allowance for decline in value of obsolete stocks 48,505,203.96 (12,599,871.07) - 35,905,332.89 Allowance for impairment of investment 1,195,490.62 - - 1,195,490.62 Employee benefit obligation 12,175,290.84 413,270.21 1,564,170.23 14,152,731.28 Loss carried forward on tax bases 22,212,301.00 9,995,901.00 - 32,208,202.00 Total 118,801,115.70 (4,536,123.04) 1,564,170.23 115,829,162.89 Deferred tax liabilities : Accelerated capital allowances for tax purposes (1,025,177.00) (157,445.00) - (1,182,622.00) Total (1,025,177.00) (157,445.00) - (1,182,622.00) Deferred tax assets (liabilities) , net 117,775,938.70 114,646,540.89 Baht Separate financial statements As at December Income (expense) during the year As at December 31, 2013 (Restated) In profit or loss In other comprehensive income 31, 2014 Deferred tax assets : Allowance for doubtful accounts 32,367,406.10 (6,994,459.26) - 25,372,946.84 Allowance for decline in value of obsolete stocks 31,093,167.90 5,657,013.89 - 36,750,181.79 Allowance for impairment of investment 599,940.00 (599,940.00) - - Employee benefit obligation 12,985,484.70 210,376.80 (294,031.40) 12,901,830.10 Total 77,045,998.70 (1,727,008.57) (...
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DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. Deferred tax assets and deferred tax liabilities as follows:- Baht Consolidated financial statements Separate financial statements 2014 2013 2014 2013 Deferred tax assets 9,444 - 8,203,062 13,457,369 Deferred tax liabilities (26,820,930) (21,833,578) (35,023,992) (35,290,947) (26,811,486) (21,833,578) (26,820,930) (21,833,578) Changes in deferred tax assets and deferred tax liabilities for the year ended December 31, 2014 and 2013, are summarized as follows: Baht Consolidated financial statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 13 In profit or loss In other comprehensive income Dec. 31, 14 Deferred tax assets: Trade account and other receivables 1,508,757 (461,404) - 1,047,353 Investments in associated companies Difference of rental between straight line method and agreement 6,240,000 1,065,618 (5,665,920) 239,971 - - 574,080 1,305,589 Provisions for employee benefits 4,642,994 633,046 - 5,276,040 Loss carry forward not more than 5 fiscal year - 9,444 - 9,444 Total 13,457,369 (5,244,863) - 8,212,506 Deferred tax liabilities: Additional portion from fixed assets revaluation 29,185,465 2,103,381 - 27,082,084 Liabilities under financial lease agreements 6,105,482 (1,836,426) - 7,941,908 Total 35,290,947 266,955 - 35,023,992 Baht Separate financial statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 13 In profit or loss In other comprehensive income Dec. 31, 14 Deferred tax assets: Trade account and other receivables 1,508,757 (461,404) - 1,047,353 Investments in associated companies Difference of rental between straight line method and agreement 6,240,000 1,065,618 (5,665,920) 239,971 - - 574,080 1,305,589 Provisions for employee benefits 4,642,994 633,046 - 5,276,040 Total 13,457,369 (5,254,307) - 8,203,062 Deferred tax liabilities: Additional portion from fixed assets revaluation 29,185,465 2,103,381 - 27,082,084 Liabilities under financial lease agreements 6,105,482 (1,836,426) - 7,941,908 Total 35,290,947 266,955 - 35,023,992 Baht Consolidated financial statements/Separate financial statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 12 In profit or loss In other comprehensive income Dec. 31, 13 Deferred tax assets: Trade account and other receivables 2,455,187 (946,430) - 1,508,757 Investments in associated companies 6,240,000 - - 6,240,000 Difference of rental between straight line method and agreement 787,696 277,922 - 1,065,618 Provisions for employee...
Sample 1
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DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. In Thousand Baht Consolidated Financial Statements Separate Financial Statements As at September 30, 2018 As at December 31, 2017 As at September 30, 2018 As at December 31, 2017 Deferred tax assets 11,969 11,170 11,969 11,170 Deferred tax liabilities (6,676) (6,234) (8,398) (7,956) 5,293 4,936 3,571 3,214 21.1 Changes in deferred tax assets and deferred tax liabilities for the nine-month period ended September 30, 2018 are summarized as follows: In Thousand Baht Consolidated Financial Statements Balance as at Revenue (expenses) during the period Balance as at December 31, 2017 In profit or loss In other September 30, 2018 comprehensive income Deferred tax assets: Allowance for declining value-clubhouse 538 (378) - 160 Provisions for employee benefits 7,381 611 - 7,992 Provisions for compensation for housing estate juristic persons 3,251 566 - 3,817 Total 11,170 799 - 11,969 Deferred tax liabilities: Unrealized gain on remeasuring available-for-sale Investments (15) (1) - (16) Property development costs and inventories (6,219) (441) - (6,660) Total (6,234) (442) - (6,676) Net 4,936 357 - 5,293 In Thousand Baht Separate Financial Statements Balance as at Revenue (expenses) during the period Balance as at December 31, 2017 In profit or loss In other September 30, 2018 comprehensive income Deferred tax assets: Allowance for declining value-clubhouse 538 (378) - 160 Provisions for employee benefits 7,381 611 - 7,992 Provisions for compensation for housing estate juristic persons 3,251 566 - 3,817 Total 11,170 799 - 11,969 Deferred tax liabilities: Unrealized gain on remeasuring available-for-sale Investments (15) (1) - (16) Property development costs and inventories (7,941) (441) - (8,382) Total (7,956) (442) - (8,398) Net 3,214 357 - 3,571 21.2 Tax expense (income)
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Related to DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES

  • Tax-Deferred Earnings The investment earnings of your IRA are not subject to federal income tax until distributions are made (or, in certain instances, when distributions are deemed to be made).

  • Tax Liability The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Trustee, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon.

  • Tax Liabilities The Investor understands that it is liable for its own tax liabilities.

  • Deferred Earnings The manner in which the deferred salary is held shall be at the discretion of the Hospital. The employee will be made aware, in advance of having to sign any formal agreement, of the manner of holding such deferred salary. Interest which is accumulated during each year of the deferral period shall be paid out to the employee in accordance with Part LXVIII of the Income Tax Regulations, Section 6801.

  • Are There Different Types of IRAs or Other Tax Deferred Accounts? Yes. Upon creation of a tax deferred account, you must designate whether the account will be a Traditional IRA, a Xxxx XXX, or a Xxxxxxxxx Education Savings Account (“CESA”). (In addition, there are Simplified Employee Pension Plan (“SEP”) IRAs and Savings Incentive Matched Plan for Employees of Small Employers (“SIMPLE”) IRAs, which are discussed in the Disclosure Statement for Traditional IRAs). • In a Traditional IRA, amounts contributed to the IRA may be tax deductible at the time of contribution. Distributions from the IRA will be taxed upon distribution except to the extent that the distribution represents a return of your own contributions for which you did not claim (or were not eligible to claim) a deduction. • In a Xxxx XXX, amounts contributed to your IRA are taxed at the time of contribution, but distributions from the IRA are not subject to tax if you have held the IRA for certain minimum periods of time (generally, until age 59½ but in some cases longer). • In a Xxxxxxxxx Education Savings Account, you contribute to an IRA maintained on behalf of a beneficiary and do not receive a current deduction. However, if amounts are used for certain educational purposes, neither you nor the beneficiary of the IRA are taxed upon distribution. Each type of account is a custodial account created for the exclusive benefit of the beneficiary – you (or your spouse) in the case of the Traditional IRA and Xxxx XXX, and a named beneficiary in the case of a Xxxxxxxxx Education Savings Account. U.S. Bank, National Association serves as Custodian of the account. Your, your spouse’s or your beneficiary’s (as applicable) interest in the account is nonforfeitable.

  • Tax Deferred Annuities The Board of Directors for the District shall provide and pay for such tax deferred annuities pursuant to RCW 28A.400.250 as the union shall request and the Board of Directors shall authorize. Payment for said annuities shall be at the option of the employee and deducted from the monthly salary as authorized by the individual employee.

  • 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.

  • Liability for Uncollected Tax, Interest and Penalty If the Providing Party has not received an exemption certificate from the Purchasing Party and the Providing Party fails to xxxx the Purchasing Party for any Tax as required by Section 41.1, then, as between the Providing Party and the Purchasing Party, (a) the Purchasing Party shall remain liable for such unbilled Tax and (b) the Providing Party shall be liable for any interest assessed thereon and any penalty assessed with respect to such unbilled Tax by such authority. If the Providing Party properly bills the Purchasing Party for any Tax but the Purchasing Party fails to remit such Tax to the Providing Party as required by Section 41.1, then, as between the Providing Party and the Purchasing Party, the Purchasing Party shall be liable for such uncollected Tax and any interest assessed thereon, as well as any penalty assessed with respect to such uncollected Tax by the applicable taxing authority. If the Providing Party does not collect any Tax as required by Section 41.1 because the Purchasing Party has provided such Providing Party with an exemption certificate that is later found to be inadequate by a taxing authority, then, as between the Providing Party and the Purchasing Party, the Purchasing Party shall be liable for such uncollected Tax and any interest assessed thereon, as well as any penalty assessed with respect to such uncollected Tax by the applicable taxing authority. If the Purchasing Party fails to pay the Receipts Tax as required by Section 41.2, then, as between the Providing Party and the Purchasing Party, (x) the Providing Party shall be liable for any Tax imposed on its receipts and (y) the Purchasing Party shall be liable for any interest assessed thereon and any penalty assessed upon the Providing Party with respect to such Tax by such authority. If the Purchasing Party fails to impose and/or collect any Tax from Subscribers as required by Section 41.3, then, as between the Providing Party and the Purchasing Party, the Purchasing Party shall remain liable for such uncollected Tax and any interest assessed thereon, as well as any penalty assessed with respect to such uncollected Tax by the applicable taxing authority. With respect to any Tax that the Purchasing Party has agreed to pay, or is required to impose on and/or collect from Subscribers, the Purchasing Party agrees to indemnify and hold the Providing Party harmless on an after-tax basis for any costs incurred by the Providing Party as a result of actions taken by the applicable taxing authority to recover the Tax from the Providing Party due to the failure of the Purchasing Party to timely pay, or collect and timely remit, such Tax to such authority. In the event either Party is audited by a taxing authority, the other Party agrees to cooperate fully with the Party being audited in order to respond to any audit inquiries in a proper and timely manner so that the audit and/or any resulting controversy may be resolved expeditiously.

  • Are My Contributions to a Traditional IRA Tax Deductible Although you may make a contribution to a Traditional IRA within the limitations described above, all or a portion of your contribution may be nondeductible. No deduction is allowed for a rollover contribution (including a “direct rollover”) or transfer. For “regular” contributions, the taxability of your contribution depends upon your tax filing status, whether you (and in some cases your spouse) are an “active participant” in an employer-sponsored retirement plan, and your income level. An employer-sponsored retirement plan includes any of the following types of retirement plans: • a qualified pension, profit-sharing, or stock bonus plan established in accordance with IRC 401(a) or 401(k); • a Simplified Employee Pension Plan (SEP) (IRC 408(k)); • a deferred compensation plan maintained by a governmental unit or agency; • tax-sheltered annuities and custodial accounts (IRC 403(b) and 403(b)(7)); • a qualified annuity plan under IRC Section 403(a); or • a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE Plan). Generally, you are considered an “active participant” in a defined contribution plan if an employer contribution or forfeiture was credited to your account during the year. You are considered an “active participant” in a defined benefit plan if you are eligible to participate in a plan, even though you elect not to participate. You are also treated as an “active participant” if you make a voluntary or mandatory contribution to any type of plan, even if your employer makes no contribution to the plan. If you are not married (including a taxpayer filing under the “head of household” status), the following rules apply: • If you are not an “active participant” in an employer- sponsored retirement plan, you may make a contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). • If you are single and you are an “active participant” in an employer-sponsored retirement plan, you may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3), but then the deductibility limits of a contribution are related to your Modified Adjusted Gross Income (AGI) as follows: Year Eligible to Make a Deductible Contribution if AGI is Less Than or Equal to: Eligible to Make a Partially Deductible Contribution if AGI is Between: Not Eligible to Make a Deductible Contribution if AGI is Over: 2020 $65,000 $65,000 - $75,000 $75,000 2021 & After - subject to COLA increases $66,000 $66,000 - $76,000 $76,000 If you are married, the following rules apply: • If you and your spouse file a joint tax return and neither you nor your spouse is an “active participant” in an employer-sponsored retirement plan, you and your spouse may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). • If you and your spouse file a joint tax return and both you and your spouse are “active participants” in employer- sponsored retirement plans, you and your spouse may make fully deductible contributions to a Traditional IRA (up to the contribution limits detailed in Section 3), but then the deductibility limits of a contribution are as follows: Year Eligible to Make a Deductible Contribution if AGI is Less Than or Equal to: Eligible to Make a Partially Deductible Contribution if AGI is Between: Not Eligible to Make a Deductible Contribution if AGI is Over: 2020 $104,000 $104,000 - $124,000 $124,000 2021 & After - subject to COLA increases $105,000 $105,000 - $125,000 $125,000 • If you and your spouse file a joint tax return and only one of you is an “active participant” in an employer- sponsored retirement plan, special rules apply. If your spouse is the “active participant,” a fully deductible contribution can be made to your IRA (up to the contribution limits detailed in Section 3) if your combined modified adjusted gross income does not exceed $196,000 in 2020 or $198,000 in 2021. If your combined modified adjusted gross income is between $196,000 and $206,000 in 2020, or $198,000 and $208,000 in 2021, your deduction will be limited as described below. If your combined modified adjusted gross income exceeds $206,000 in 2020 or $208,000 in 2021, your contribution will not be deductible. Your spouse, as an “active participant” in an employer- sponsored retirement plan, may make a fully deductible contribution to a Traditional IRA if your combined modified adjusted gross income does not exceed the amounts listed in the table above. Conversely, if you are an “active” participant” and your spouse is not, a contribution to your Traditional IRA will be deductible if your combined modified adjusted gross income does not exceed the amounts listed above. • If you are married and file a separate return, and neither you nor your spouse is an “active participant” in an employer-sponsored retirement plan, you may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). If you are married, filing separately, and either you or your spouse is an “active participant” in an employer-sponsored retirement plan, you may not make a fully deductible contribution to a Traditional IRA. Please note that the deduction limits are not the same as the contribution limits. You can contribute to your Traditional IRA in any amount up to the contribution limits detailed in Section 3. The amount of your contribution that is deductible for federal income tax purposes is based upon the rules described in this section. If you (or where applicable, your spouse) are an “active participant” in an employer- sponsored retirement plan, you can refer to IRS Publication 590-A: Figuring Your Modified AGI and Figuring Your Reduced IRA Deduction to calculate whether your contribution will be fully or partially deductible. Even if your income exceeds the limits described above, you may make a contribution to your IRA up to the contribution limitations described in Section 3. To the extent that your contribution exceeds the deductible limits, it will be nondeductible. However, earnings on all IRA contributions are tax deferred until distribution. You must designate on your federal income tax return the amount of your Traditional IRA contribution that is nondeductible and provide certain additional information concerning nondeductible contributions. Overstating the amount of nondeductible contributions will generally subject you to a penalty of $100 for each overstatement.

  • When Can I Make Contributions You may make annual contributions to your Xxxx XXX any time up to and including the due date for filing your tax return for the year, not including extensions. You may continue to make regular contributions to your Xxxx XXX even after you attain RMD age. In addition, rollover contributions and transfers (to the extent permitted as discussed below) may be made at any time, regardless of your age.

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