Common use of Distribution of Nondeductible and Nontaxable Contributions Clause in Contracts

Distribution of Nondeductible and Nontaxable Contributions. If and do not change your beneficiary, during that year. any of your traditional IRAs or SIMPLE IRAs contain nondeductible 3. Failure to Withdraw an RMD. If you do not withdraw your RMD contributions or rollovers of nontaxable distributions from by its required distribution date, you are subject to an excess employer-sponsored eligible retirement plans, any distributions you accumulation penalty tax of up to 25 percent of the amount not take from any of your traditional IRAs or SIMPLE IRAs, that are withdrawn. You can always take more than your RMD in any year not rolled over, will return to you a proportionate share of the but no additional amounts taken can be credited to a subsequent taxable and nontaxable balances in all of your traditional IRAs and year's RMD.