Common use of INCOME TAX CONSEQUENCES OF ESTABLISHING AN XXX Clause in Contracts

INCOME TAX CONSEQUENCES OF ESTABLISHING AN XXX. XXX Deductibility – If you are eligible to contribute to your XXX, the amount of the contribution for which you may take a tax deduction will depend upon whether you (or, in some cases, your spouse) are an active participant in an employer-sponsored retirement plan. If you (and your spouse, if married) are not an active participant, your entire XXX contribution will be deductible. If you are an active participant (or are married to an active participant), the deductibility of your XXX contribution will depend on your modified adjusted gross income (MAGI) and your tax filing status for the tax year for which the contribution was made. MAGI is determined on your income tax return using your adjusted gross income but disregarding any deductible XXX contribution and certain other deductions and exclusions.

INCOME TAX CONSEQUENCES OF ESTABLISHING AN XXX. XXX Deductibility – If you are eligible to contribute to your XXX, the amount of the contribution for which you may take a tax deduction will depend upon whether you (or, in some cases, your spouse) are an active participant in an employer-sponsored employer‐sponsored retirement plan. If you (and your spouse, if married) are not an active participant, your entire XXX contribution will be deductible. If you are an active participant (or are married to an active participant), the deductibility of your XXX contribution will depend on your modified adjusted gross income (MAGI) and your tax filing status for the tax year for which the contribution was made. MAGI is determined on your income tax return using your adjusted gross income but disregarding any deductible XXX contribution and certain other deductions and exclusions.

INCOME TAX CONSEQUENCES OF ESTABLISHING AN XXX. XXX Deductibility DEDUCTIBILITY – If you are eligible to contribute to your XXX, the amount of the contribution for which you may take a tax deduction will depend upon whether you (or, in some cases, your spouse) are an active participant in an employer-sponsored employer-­‐maintained retirement plan. If you (and your spouse, if married) are not an active participant, your entire XXX contribution will be deductible. If you are an active participant (or are married to an active participant), the deductibility of your XXX contribution will depend on your modified adjusted gross income (MAGI) and your tax filing status for the tax year for which the contribution was made. MAGI is determined on your income tax return using your adjusted gross income but disregarding any deductible XXX contribution and certain other deductions and exclusionscontribution.