Common use of FEDERAL INCOME TAX WITHOLDING Clause in Contracts

FEDERAL INCOME TAX WITHOLDING. The taxable portion of distributions from your IRA xx subject to federal income tax withholding unless you elect not to have withholding applied. If you elect not to have withholding applied to taxable distributions from your IRA, xx if insufficient federal income tax is withheld from any distribution, you may be responsible for payment of estimated taxes, as well as for penalties under the estimated tax rules, if withholding and estimated tax payments were not sufficient. Additional information regarding withholding and the necessary election forms will be provided no later than at the time a distribution is requested.