Maximum Contribution Limits. Your regular (including catch-up) Xxxx XXX contributions are limited to the lesser of 100 percent of your and your spouse's compensation if filing jointly or the dollar amounts set forth on the following chart: Contribution Tax Year Regular Contribution Limit Catch-Up Contribution Limit Total Contribution Limit 2. Xxxx XXX-to-Xxxx XXX Rollovers. A Xxxx XXX rollover is another way to move assets tax-free between Xxxx IRAs. You may roll over all or a portion of your Xxxx XXX assets by taking a distribution from a Xxxx XXX and recontributing part or all of it as a rollover contribution into the same or another Xxxx XXX. A rollover contribution is irrevocable. You must report your Xxxx XXX rollover to the IRS on your federal income tax return. Your contribution may only be designated as a rollover if the Xxxx XXX distribution is deposited within 60 calendar days following the date you receive the distributed assets. Any portion not rolled over will be subject to the Xxxx XXX ordering rules to determine income taxes and penalty taxes. The 60-day period may be extended to 120 days for a 3. Extension of the 60-Day Period. The Secretary of the Treasury may extend the 60-day period for completing rollovers in certain situations such as casualty, disaster, or other events beyond the
Appears in 4 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
