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.
Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 and 2018, with possible cost-of-living adjustments thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code (Code) sections 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional 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. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $186,000 (for 2017) or $189,000 (for 2018) if you are a married individual filing a joint income tax return, or equals or exceeds $118,000 (for 2017) or $120,000 (for 2018) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $196,000 (for 2017) or $199,000 (for 2018) may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 2018. If you are married filing a joint income tax return and your MAGI is between the applicable MAGI phase-out range for the year, your maximum Xxxx XXX contribution is determined as follows:
1. Begin with the appropriate MAGI phase- out maximum for the applicable year and subtract your MAGI from it;
Maximum Contribution. The only contributions that may be made to your SIMPLE IRA are employee elective deferrals under a qualified salary reduction agreement, employer contributions, and other contributions allowed by the Code or related regulations, that are made under a SIMPLE IRA plan maintained by your employer. Employee elective deferrals may not exceed the lesser of 100 percent of your compensation for the calendar year or $13,000 for 2019 and $13,500 for 2020, with possible cost‐of‐living adjustments each year thereafter. Your employer may make additional contributions to your SIMPLE IRA within the limits prescribed in Internal Revenue Code Section (IRC Sec.) 408(p). Your employer is required to provide you with information that describes the terms of its SIMPLE IRA plan.
Maximum Contribution. The total amount you may contribute to a Xxxx XXX 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 Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all Xxxx IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $193,000 (for 2019) or $196,000 (for 2020) if you are a married individual filing a joint income tax return, or equals or exceeds $122,000 (for 2019) or $124,000 (for 2020) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $203,000 (for 2019) or $206,000 (for 2020) may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $137,000 (for 2019) or $139,000 (for 2020) may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost‐of‐living increases for tax years beginning after 2020.
(1) Begin with the appropriate MAGI phase‐out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase‐out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch‐up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $201,000, your maximum Xxxx XXX contribution for 2020 is $3,000 ([$206,000 minus $201,000] divided by $10,000 and multiplied by $6,000).
(1) Begin with the appropriate MAGI phase‐out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase‐out range maximum and minimum; and
Maximum Contribution. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,500 for 2023, with possible cost-of-living adjustments each year thereafter. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code Sections (IRC Secs.) 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRAs. Your total annual contribution to all Xxxx IRAs and Traditional IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds $218,000 (for 2023) if you are a married individual filing a joint income tax return, or equals or exceeds $138,000 (for 2023) if you are a single individual. Married individuals filing a joint income tax return with MAGI equaling or exceeding $228,000 (for 2023) may not fund a Xxxx XXX. Single individuals with MAGI equaling or exceeding $153,000 (for 2023) may not fund a Xxxx XXX. Married individuals filing a separate income tax return with MAGI equaling or exceeding $10,000 may not fund a Xxxx XXX. The MAGI limits described above are subject to cost-of-living increases for tax years beginning after 2023.
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year, including catch-up contributions if you are age 50 or older. For example, if you are age 30 with MAGI of $223,000, your maximum Xxxx XXX contribution for 2023 is $3,250 ([$228,000 minus $223,000] divided by $10,000 and multiplied by $6,500).
(1) Begin with the appropriate MAGI phase-out maximum for the applicable year and subtract your MAGI; (2) divide this total by the difference between the phase-out range maximum and minimum; and
Maximum Contribution. The maximum a Unit Member may donate per academic year is five (5) days. The donation will be irrevocable.
Maximum Contribution. If and to the extent any provision of this Article 6 is unenforceable for any reason, the Indemnifying Party hereby agrees to make the maximum contribution to the payment and satisfaction of any Loss for which indemnification is provided for in this Section 6.2 which is permissible under applicable legal requirements.
Maximum Contribution. Total and overall limitations on Contributions in a calendar year for a Participant are subject to the limits imposed under Sections 402(g), 403(b) and 415 of the Internal Revenue Code of 1986 (the Code), as it may be amended from time to time. UNUM assumes no responsibility for monitoring these limits for a Participant.
Maximum Contribution. The total amount that may be contributed to your HSA for any taxable year is the sum of the limits determined separately for each month. The determination for each month is based on whether, as of the first day of such month, you are eligible to contribute and whether you have self-only or family coverage under a high deductible health plan (HDHP). If you have self-only coverage, the maximum monthly contribution is 1/12 of $3,450 (for 2018) or $3,500 (for 2019). If you have family coverage, the maximum monthly contribution is 1/12 of $6,900 (for 2018) or $7,000 (for 2019). These limits are subject to cost-of-living increases. In addition, if you have attained age 55 before the close of the taxable year, the annual contribution limit is increased by an additional amount not to exceed $1,000 each year. The annual limit is decreased by aggregate contributions made to an Xxxxxx MSA and by any qualified HSA funding distributions from an XXX deposited into the HSA. If you become HSA-eligible after the beginning of the year, you may make a full year’s contribution up to the statutory contribution limit as long as you maintain eligibility during the testing period. The testing period begins the last month of the initial eligibility year and ends at the end of the 12-month period following that month. If you do not remain eligible during the testing period, you must include in your gross income the contributions made for the months that you were not otherwise eligible and pay a 10 percent penalty tax on the amount.
Maximum Contribution. The total amount you may contribute to an XXX for any taxable year cannot exceed the lesser of 100 percent of your compensation or $5,500 for 2017 and 2018, with possible cost-of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an XXX 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. Deposits received by us without an XXX Contribution Form will be deposited and reported to the IRS in accordance with the following policy:
1. Any deposit we receive below the IRS Annual Contribution Limit for your account will be deposited and reported to the IRS as Current Year Contributions (CYC). We will not aggregate deposits, and multiple deposits below the IRS limit will all be reported to the IRS as CYC and could result in an over-contribution in your account.
2. Deposits we receive above the IRS Annual Contribution Limit for your account will be deposited and reported to the IRS as Rollover Contributions.
