Common use of How Much May I Contribute to Clause in Contracts

How Much May I Contribute to. a Traditional IRA? Year 2022 2023 IRA Contribution Limit $6,000 $6,500 As a result of the Economic Growth and Tax Relief Reconciliation Act (“EGTRRA”) of 2001, the maximum dollar amount of annual contributions you may make to a Traditional IRA is $5,500 for tax years beginning in 2013 with the potential for Cost-of-Living Adjustment (COLA) increases in $500 increments. You may make annual contributions to a Traditional IRA in any amount up to 100% of your compensation for the year or the maximum contribution shown in the table above, whichever is less. The limitation is reduced by contributions you make to another Traditional IRA or to a Xxxx XXX, but is not reduced by contributions to a Xxxxxxxxx Education Savings Account for the benefit of another taxpayer. Qualifying rollover contributions and transfers are not subject to these limitations. All contributions must be in cash, check, Automated Clearing House (ACH) or wire. If you are age 50 or older by the end of the year, you may make additional “catch-up” contributions to an IRA. The “catch-up” contribution limit is $1,000 for tax years 2007 and beyond. In addition, if you are married and file a joint return, you may make contributions to your spouse’s Traditional IRA. However, the maximum amount contributed to both your own and to your spouse’s Traditional IRA may not exceed 100% of your combined compensation or the maximum contribution shown in the table above, whichever is less. The maximum amount that may be contributed to either your Traditional IRA or your spouse’s Traditional IRA is shown in the table above. Again, these dollar limits are reduced by any contributions you or your spouse make to a Xxxx XXX, but are not affected by contributions either of you make to a Xxxxxxxxx Education Savings Account for the benefit of another taxpayer. If you are the beneficiary of a Xxxxxxxxx Education Savings Account, certain additional limits may apply to you. Please contact your tax advisor for more information.

How Much May I Contribute to. a Traditional IRA? Year 2022 2023 2024 IRA Contribution Limit $6,000 6,500 $6,500 7,000 As a result of the Economic Growth and Tax Relief Reconciliation Act (“EGTRRA”) of 2001, the maximum dollar amount of annual contributions you may make to a Traditional IRA is $5,500 for tax years beginning in 2013 with the potential for Cost-of-Living Adjustment (COLA) increases in $500 increments. You may make annual contributions to a Traditional IRA in any amount up to 100% of your compensation for the year or the maximum contribution shown in the table above, whichever is less. The limitation is reduced by contributions you make to another Traditional IRA or to a Xxxx XXX, but is not reduced by contributions to a Xxxxxxxxx Education Savings Account for the benefit of another taxpayer. Qualifying rollover contributions and transfers are not subject to these limitations. All contributions must be in cash, check, Automated Clearing House (ACH) or wire. If you are age 50 or older by the end of the year, you may make additional “catch-up” contributions to an IRA. The “catch-up” contribution limit is $1,000 for tax years 2007 and beyond. In addition, if you are married and file a joint return, you may make contributions to your spouse’s Traditional IRA. However, the maximum amount contributed to both your own and to your spouse’s Traditional IRA may not exceed 100% of your combined compensation or the maximum contribution shown in the table above, whichever is less. The maximum amount that may be contributed to either your Traditional IRA or your spouse’s Traditional IRA is shown in the table above. Again, these dollar limits are reduced by any contributions you or your spouse make to a Xxxx XXX, but are not affected by contributions either of you make to a Xxxxxxxxx Education Savings Account for the benefit of another taxpayer. If you are the beneficiary of a Xxxxxxxxx Education Savings Account, certain additional limits may apply to you. Please contact your tax advisor for more information.