General Contribution Limitations. Regular Xxxx XXX Contributions: The maximum amount you may contribute for any one year is the lesser of 100% of your compensation or, $3,000 for tax years 2002-2004, $4,000 for years 2005-2007, $5,000 for 2008, with the potential for cost-of-living adjustment in 2009 and beyond. Your actual contribution limit depends upon your marital status, tax filing status, and your Modified AGI. All regular contributions to a Xxxx XXX are nondeductible for Federal income tax purposes. The maximum amount you may contribute to a Xxxx XXX is reduced by any contributions you make to all of your traditional IRAs for the same tax year. This means that the total maximum combined annual contribution to a traditional XXX and a Xxxx XXX may not exceed the amounts referenced above. If you are a single taxpayer (or a married person filing a separate return who did not live with your spouse at any time during the year), and your Modified AGI is $95,000 or less, you may contribute up to the maximum amount stated above to your Xxxx XXX. If your Modified AGI is $110,000 or more, no contribution is permitted. If your Modified AGI is over $95,000 but less than $110,000, then a calculation must be made to determine your Xxxx XXX contribution limit for the year. Utilize this calculation to determine your contribution limit:
Appears in 3 contracts
Samples: Account Custodial Agreement, Retirement Account Custodial Agreement, Account Custodial Agreement
General Contribution Limitations. Regular Xxxx XXX Contributions: The maximum amount you may contribute for any one year is the lesser of 100% of your compensation or, $3,000 for tax years 2002-2004, $4,000 for years 2005-2007, $5,000 for 2008, with the potential for cost-of-living adjustment in 2009 and beyond. Your actual contribution limit depends upon your marital status, tax filing status, and your Modified AGI. All regular contributions to a Xxxx XXX are nondeductible for Federal income tax purposes. The maximum amount you may contribute to a Xxxx XXX is reduced by any contributions you make to all of your traditional IRAs for the same tax year. This means that the total maximum combined annual contribution to a traditional XXX IRA and a Xxxx XXX may not exceed the amounts referenced above. If you are a single taxpayer (or a married person filing a separate return who did not live with your spouse at any time during the year), and your Modified AGI is $95,000 or less, you may contribute up to the maximum amount stated above to your Xxxx XXX. If your Modified AGI is $110,000 or more, no contribution is permitted. If your Modified AGI is over $95,000 but less than $110,000, then a calculation must be made to determine your Xxxx XXX contribution limit for the year. Utilize this calculation to determine your contribution limit:
Appears in 2 contracts
Samples: Account Custodial Agreement, Retirement Account Custodial Agreement
