Maximum Allowable Contribution Sample Clauses

Maximum Allowable Contribution. Maximum contribution is $5,000 per individual and $10,000 for a married couple filing joint returns. The contribution that an individual or married couple filing jointly can make to an IRA is limited to the lesser of the maximum amounts described above and the adjusted gross income (in the case of married individuals filing joint returns, the aggregate adjusted gross income) derived from salaries and earnings attributed to professions or occupations, for the year in which the contribution is made (hereinafter the Maximum Allowable Amount). If the Customer makes a contribution to an IRA in excess of the Maximum Allowable Amount it will be understood that the total balance of the IRA was distributed to the Customer on the first day of the year in which the excess contribution was made, and will be subject to tax. In addition, said amount will be subject to a 10% penalty imposed by the 2011 Code for early distributions.
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Maximum Allowable Contribution. The maximum contribution is $5,000 per individual and $10,000 for a married couple filing joint returns. The contribution that an individual or married couple filing jointly can make to an IRA is limited to the lesser of the maximum amounts described above and the adjusted gross income (in the case of married individuals filing joint returns, the aggregate adjusted gross income) derived from salaries and earnings attributed to professions or occupations, for the year in which the contribution is made (hereinafter the Maximum Allowable Amount). The amount that is contributed to a Deductible IRA can be claimed as a deduction in the income tax return, but not the contribution made to a Non- Deducible Individual Retirement Account. However, in the latter case, the increase in value of the account will not be subject to tax if the Customer receives the funds in a qualified distribution. The maximum amount that can be contributed each year to a Non-Deductible IRA is the difference between: (i) the Maximum Allowable Amount and (ii) the total amounts contributed to a Deductible IRA.
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Related to Maximum Allowable Contribution

  • Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.

  • Nondeductible Contributions You may make nondeductible contributions to your Traditional IRA to the extent that deductible contributions are not allowed. The sum of your deductible and nondeductible IRA contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensation). You may elect to treat deductible Traditional IRA contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • Non-allowable Grant Expenditures The Grantee agrees to expend all grant funds received under this agreement solely for the purposes for which they were authorized and appropriated. Expenditures shall be in compliance with the state guidelines for allowable project costs as outlined in the Department of Financial Services’ Reference Guide for State Expenditures, incorporated by reference (dated February 2011), which are available online at xxxxxxxxxxxx.xxx/xxxxx/xxxxxxxxx_xxxxx. In addition, the following are not allowed as grant or matching expenditures:

  • MINIMUM ALLOWANCE An employee who is required by his/her Agency/Department Head to use his/her private automobile at least eight days in any month on County business shall not receive less than $10 in that month for the use of his/her automobile.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Campaign Contributions The CONTRACTOR is hereby notified of the applicability of 11-355, HRS, which states that campaign contributions are prohibited from specified state or county government contractors during the terms of their contracts if the contractors are paid with funds appropriated by a legislative body.

  • Saver’s Credit for IRA Contributions A credit of up to $1,000, or up to $2,000 if married filing jointly, may be available to certain taxpayers having a joint AGI of less than $65,000 in 2020, or $66,000 in 2021. The credit may also be available to certain taxpayers who are heads of household with an AGI of less than $48,750 in 2020, $49,500 in 2021, or married individuals filing separately and singles with an AGI less than $32,500 in 2020, or $33,000 in 2021. Some of the restrictions that apply include: • the individual must be at least 18; • not a full-time student; • not declared as a dependent on another taxpayer’s return; or • any distribution from most retirement plans (qualified and non-qualified) will decrease the eligible contribution.

  • Charitable Contributions Make any charitable or similar contributions, except in amounts not to exceed five thousand dollars ($5,000) individually, and twenty thousand dollars ($20,000) in the aggregate.

  • Annual Contributions □ Check enclosed in the amount of $ representing current contribution for tax year 20 . This contribution does not exceed the maximum permitted amount for the year of contribution as described in the Xxxx XXX Disclosure Statement. If no tax year is indicated, contribution will automatically apply to current year.

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