Early Distributions. 6.1 As soon as practically possible after the Court has issued a Binding Declaration, an amount of 70% (seventy per cent) of the Provisional Claim Amount (the "Early Distribution Amount") will be paid in accordance with Paragraph 8 to all Eligible Shareholders who have submitted a valid and approved Claim Form on or before the Exclusion Date, which payment is subject to the Release.
Early Distributions. The Internal Revenue Service may assess a premature penalty tax under ss.72(t) of the Code equal to 10% of the taxable amount distributed to an Employee, except for the following types of distributions: (i) a distribution eligible for rollover treatment, if the Employee rolls the money over to an Individual Retirement Account within 60 days of receipt; or (ii) distributions on account of the death, or permanent disability as defined in ss.72(m)(7) of the Code of the participant; or (iii)distributions used to pay certain tax deductible medical expenses, to the extent allowed under ss.72(t)(2)(B) and ss.213 of the Code; or (iv) distributions after termination of service taken in a series of similar periodic payments over the life expectancy of the Employee, or joint life expectancy of the Employee and spouse, to the extent allowed by ss.72(t)(2)(A)(iv) and ss.72(t)(3)(B) of the Code; or (v) distributions made after the Employee attains age 55 and separates from service on account of Early Retirement to the extent permitted under ss.72(t)(2)(A)(v) of the Code; or (vi) a distribution taken after the employee attains age 59 1/2. 6.7
Early Distributions. Prior to attaining the age of sixty (60), a Customer may only receive distributions from his/her IRA without being subject to the ten percent (10%) tax penalty imposed by the 2011 Code for early withdrawals, under the following situations: (i) a timely withdrawal of excess contributions; (ii) distributions as a result of the death of the Customer, or his/ her disability, or loss of employment; (iii) if the funds are used to pay the expenses of the Customer’s direct dependents in connection with their university studies; (iv) if used to purchase or build the Customer’s first principal residence; (v) to repair or rebuild the Customer’s principal residence which has been damaged by fire, hurricane, earthquake or other casualty; (vi) to prevent imminent foreclosure or incurring in default of the mortgage on a Customer’s principal residence, including for refinancing, as a result of job loss or substantial verifiable income reduction, subject to presentation of evidence of such necessity, circumstance and use, provided, however, that the Customer may withdraw up to one-half of the funds deposited with the advisor or up to a total of $20,000, whichever is higher; (vii) if used to pay expenses for treatment of any terminal, degenerative, chronic or severe disease of the Customer or a family member of the Customer up to the fourth degree of consanguinity or up to the second degree of affinity whose foreseeable effect certified by a physician is the loss of life or a permanent physical disability; or (viii) withdrawal of up to $1,200 every six (6) years to acquire or purchase a computer to be used by a Customer’s dependent through the second degree of consanguinity (i.e., son or daughter, grandson or granddaughter, or sibling) who is studying up to the university level; or (ix) withdrawal of up to the maximum amount $20,000 to acquire an effective and environmentally amicable renewal energy system for the Customer’s residence; or (x) if used to pay a liability for child support that is overdue by six (6) months or more. The Customer must present satisfactory evidence to the Trustee in accordance with the 2011 Code and the applicable regulations certifying that the distribution qualifies for any of these exemptions. In addition, the ten percent (10%) (fifteen percent (15%) in certain cases) tax penalty imposed under the 2011 Code for early withdrawals will also not apply to (i) a transfer to another IRA in a rollover contribution within the sixty-day (60) period aft...
Early Distributions. The earnings portion of distributions made prior to the end of the five year holding period or which fail to meet the criteria outlined above in Taxation on Distributions are subject to ordinary income taxes. The earnings portion of the distribution is also subject to the 10% penalty tax on early distributions unless one of the following exceptions applies to the distribution:
Early Distributions. Distributions from your IRA made before age 59-1/2 will be subject to a 10% nondeductible penalty tax unless the distribution is a return of nondeductible contributions or is made because of your death, disability, as part of a series of substantially equal periodic payments over your life expectancy or the joint life expectancy of you and your beneficiary, or the distribution is made for medical expenses in excess of 7.5% of adjusted gross income, is made for reimbursement of medical premiums while you are unemployed, or is an exempt withdrawal of an excess contribution. The penalty tax may also be avoided if the distribution is rolled over to another individual retirement account. See paragraph 11 above for special rules applicable to distributions from a SIMPLE IRA.
Early Distributions. Your receipt or use of any portion of your account (excluding any amount representing a return of non-deducted contributions) before you attain age 59½ is considered an early or premature distribution. The distribution is subject to a penalty tax equal to 10% of the distribution unless one of the following exceptions applies to the distribution:
Early Distributions. If you receive distributions from your IRA before you reach age 59½, you may be subject to a 10% additional tax on early distributions in addition to the ordinary income taxes you must pay on the distribution. (See Section XI under the heading “Additional Tax on Early Distributions.”) If you receive distributions from your Xxxx XXX before you reach age 59½, you may be subject to an additional tax on early distributions even if no part of the distribution is included in your taxable income. (See Section XI under the heading “Application of Additional Tax on Early Distributions to Xxxx XXX Converted Amounts.”) To calculate and pay an additional tax on early distributions, complete IRS Form 5329. Excess Accumulations If you do not take your required minimum distribution from a Traditional IRA for a year, or your beneficiaries do not take their appropriate RMDs from a Traditional or Xxxx XXX, the 50% penalty tax on excess accumulations may apply. (See Section XII under the heading “Effect of Failure to Take RMD.”)
Early Distributions. A distribution made to a Participant who is only partially vested in one or more accounts prior to the close of the Plan Year in which he has incurred five consecutive One-Year Breaks in Service (based on Plan Years), which is made by reason of termination of employment, which the Participant elects to receive if the vested portion of the accounts exceeds $5,000, and which is the entire amount of the Participant's vested portion of the accounts, is a "cash-out" distribution. Section 11.5 provides when a forfeiture occurs in connection with a cash-out distribution.
Early Distributions. On any Early Distribution Date, the amount on deposit in the Series Principal Account treated as Early Distribution Amounts will be distributed as principal on the Series 1995-1 Certificates for which an Early Distribution election has been made.
Early Distributions. All distributions made prior to the five-year holding period, regardless of the reason, are subject to ordinary income tax on the earnings plus the 10% penalty tax on early distributions. The distribution is subject to the penalty tax unless the distribution is the result of one of the following exceptions: 1. you are over age 59-1/2, or 2. due to death, or 3. made because you became disabled, or 4. used specifically for deductible medical expenses which exceed 7.5% of your adjusted gross income, or 5. used for health insurance cost due to your unemployment, or 6. used for higher education defined in section 529(e)(3) of the Internal Revenue Code, or 7. used to cover expenses of first time home purchase up to $10,000, or 8. part of a scheduled series of substantially equal payments over your life, or over the joint life expectancy of you and a beneficiary. If you request a distribution in the form of a series of substantially equal payments, and you modify the payments before 5 years have elapsed and before attaining age 59-1/2, the penalty tax will apply retroactively to the year payments began through the year of such modification. The 10% penalty tax is in addition to any federal income tax that is owed at distribution. For more information on the 10% penalty tax and the exceptions listed above, consult IRS Publication 590.
