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Common use of Federal Income Tax Withholding Clause in Contracts

Federal Income Tax Withholding. Any nonqualified distribution of earnings from your Xxxx XXX, except a direct transfer or a recharacterization, may be subject to federal income tax withholding. You may, however, elect not to have withholding apply to your Xxxx XXX withdrawal. If withholding is applied to your withdrawal, no less than 10% of the amount withdrawn must be withheld for federal income tax purposes. Special federal income tax withholding rules may apply if the distribution is sent outside of the United States.

Appears in 6 contracts

Samples: Roth Ira Custodial Account Agreement, Roth Ira Custodial Account Agreement, Account Application and Agreement

Federal Income Tax Withholding. Any nonqualified distribution of earnings from your Xxxx XXX, except a direct transfer or a recharacterization, may be subject to federal income tax withholding. You may, however, elect not to have withholding apply to your Xxxx XXX withdrawal. If withholding is applied to your withdrawal, no less than 10% of the amount withdrawn must be withheld for federal income tax purposes. Special federal income tax withholding rules may apply if the distribution is sent outside of the United States.

Appears in 1 contract

Samples: Roth Ira Custodial Account Agreement