Distribution of Nondeductible and Nontaxable Contributions. If any of your traditional IRAs or SIMPLE IRAs contain nondeductible contributions or rollovers of nontaxable distributions from employer-sponsored eligible retirement plans, any distributions you take from any of your traditional IRAs or SIMPLE IRAs, that are not rolled over, will return to you a proportionate share of the taxable and nontaxable balances in all of your traditional IRAs and SIMPLE IRAs at the end of the tax year of your distributions. IRS Form 8606, Nondeductible IRAs, has been specifically designed to calculate this proportionate return. You must complete IRS Form 8606 each year you take distributions under these circumstances, and attach it to your tax return for that year to validate the nontaxable portion of your XXX distributions reported for that year.
Appears in 5 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
Distribution of Nondeductible and Nontaxable Contributions. If any of your traditional IRAs or SIMPLE IRAs contain nondeductible contributions or contributions, rollovers of nontaxable distributions from employer-employer sponsored eligible retirement plans, or other nontaxable basis amounts, any distributions you take from any of your traditional IRAs or SIMPLE IRAs, that are not rolled over, will return to you a proportionate share of the taxable and nontaxable balances in all of your traditional IRAs and SIMPLE IRAs at the end of the tax year of your distributions. IRS Form 8606, Nondeductible IRAs, has been specifically designed to calculate this proportionate return. You must complete IRS Form 8606 each year you take distributions under these circumstances, circumstances and attach it to your tax return for that year to validate the nontaxable taxable portion of your XXX SIMPLE IRA distributions reported for that year. Required Minimum Distributions (RMDs) For You.
Appears in 4 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
Distribution of Nondeductible and Nontaxable Contributions. If any of your traditional IRAs or SIMPLE IRAs contain nondeductible contributions or rollovers of nontaxable distributions from employer-sponsored eligible retirement plans, any distributions you take from any of your traditional IRAs or SIMPLE IRAs, that are not rolled over, will return to you a proportionate share of the taxable and nontaxable balances in all of your traditional IRAs and SIMPLE IRAs at the end of the tax year of your distributions. IRS Form 8606, Nondeductible IRAs, has been specifically designed to calculate this proportionate return. You must complete IRS Form 8606 each year you take distributions under these circumstances, and attach it to your tax return for that year to validate the nontaxable portion of your XXX IRA distributions reported for that year.
Appears in 3 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
Distribution of Nondeductible and Nontaxable Contributions. If any of your traditional IRAs or SIMPLE IRAs contain nondeductible contributions or contributions, rollovers of nontaxable distributions from employer-sponsored eligible retirement plans, or other nontaxable basis amounts, any distributions you take from any of your traditional IRAs or SIMPLE IRAs, that are not rolled over, will return to you a proportionate share of the taxable and nontaxable balances in all of your traditional IRAs and SIMPLE IRAs at the end of the tax year of your distributions. IRS Form 8606, Nondeductible IRAs, has been specifically designed to calculate this proportionate return. You must complete IRS Form 8606 each year you take distributions under these circumstances, circumstances and attach it to your tax return for that year to validate the nontaxable taxable portion of your XXX SIMPLE IRA distributions reported for that year.
Appears in 2 contracts
Samples: Customer Agreement, Customer Agreement
Distribution of Nondeductible and Nontaxable Contributions. If any of your traditional IRAs or SIMPLE IRAs contain nondeductible contributions or contributions, rollovers of nontaxable distributions from employer-sponsored eligible retirement plans, or other nontaxable basis amounts, any distributions you take from any of your traditional IRAs or SIMPLE IRAs, that are not rolled over, will return to you a proportionate share of the taxable and nontaxable balances in all of your traditional IRAs and SIMPLE IRAs at the end of the tax year of your distributions. IRS Form 8606, Nondeductible IRAs, has been specifically designed to calculate this proportionate return. You must complete IRS Form 8606 each year you take distributions under these circumstances, and attach it to your tax return for that year to validate the nontaxable portion of your XXX IRA distributions reported for that year.
Appears in 1 contract
Samples: weitzinvestments.com