Common use of INSUFFICIENT OR LATE DISTRIBUTIONS Clause in Contracts

INSUFFICIENT OR LATE DISTRIBUTIONS. In addition to the regular income tax that may be payable on distributions from your IRA, xxu will be assessed penalties on certain accumulations if funds in your IRA xxx not distributed in accordance with the rules described in Part B above. If the amount distributed from your IRA xxxing the year is less than the minimum amount required to be distributed during such year, an excise tax will be imposed. The tax imposed is equal to 50% of the amount by which the minimum required distribution exceeds the amount actually distributed during the year. (9)

INSUFFICIENT OR LATE DISTRIBUTIONS. In addition to the regular income tax that may be payable on distributions from your IRA, xxu you will be assessed penalties on certain accumulations if funds funxx in your IRA xxx are not distributed in accordance with the rules described in Part Pxxx B above. If the amount distributed from your IRA xxxing during the year is less than the minimum amount required to be distributed xxxtributed during such year, an excise tax will be imposed. The tax imposed is equal to 50% of the amount by which the minimum required distribution exceeds the amount actually distributed during the year. (9)