Modified AGI Sample Clauses

Modified AGI. An Individual’s Modified AGI for a Taxable Year is defined in Code Section 408A(c)(3)(C)(i) and does not include any amount included in Adjusted Gross Income as a result of a rollover from a non-Xxxx XXX (a “conversion”).
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Modified AGI. For purposes of (c) and (d) above, an Owner's modified AGI for a taxable year is defined in §408A(c)(3)(C)(i) and does not include any amount included in adjusted gross income as a result of a rollover from a nonRoth IRA (a "conversion"). (h)
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Modified AGI. Filing Status Full Contribution Phase-Out Range No Contribution Single or Head of Household $95,000 or less Between $95,000 and $110,000 $110,000 or more Joint Return or Qualifying Widow(er) $150,000 or less Between $150,000 and $160,000 $160,000 or more Married - Separate $0 Between $0 and $10,000 $10,000 or more An individual's modified adjusted gross income ("modified AGI") for a taxable year is defined in Code Section 408A(c)(3) and does not include any amount included in adjusted gross income as a result of a qualified rollover contribution. If the Participant's modified AGI for a taxable year is in the phase-out range, the maximum regular contribution determined under this table for that taxable year is rounded up to the next multiple of $10 and is not reduced below $200. The dollar amounts above will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 408A(c)(3). Such adjustments will be in multiples of $1,000.
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Modified AGI. Modified AGI does not include any distributions from a traditional XXX that are converted to a Xxxx XXX and included in income. Modified AGI is determined before deductible traditional XXX contributions. Effective for distributions after December 31, 2004, modified AGI does not include any amounts that are required minimum distributions pursuant to section 408(a)(6) only for purposes of determining eligibility for conversion contributions. Miscellaneous Contribution Rules—Contributions are permitted after you attain age 70 ½, so long as you have compensation and meet the AGI limits described above. Contributions are permitted regardless of whether you are an active participant in an employer-sponsored plan. Special Rules for Qualified Reservist Distributions: Qualified Reservist Distributions withdrawn from a Xxxx XXX are eligible to be repaid to a Xxxx XXX within a 2-year period after the end of active duty. A Qualified Reservist Distribution is a distribution received from a Xxxx XXX by members of the National Guard or reservists who are called to active duty for a period of at least 180 days and such distribution is taken during the period of such active duty. The provision is retroactively effective with respect to distribu- tions after September 11, 2001, for individuals called to active duty after September 11, 2001. EXCESS CONTRIBUTIONS TO A XXXX XXX Generally, an excess Xxxx XXX contribution is any contribution which exceeds the contribution limits. Such excess amount is subject to a 6% excise tax on the principal remaining amount of the excess each year until the excess is corrected.
Sample 1
Modified AGI. For purposes paragraphs (c) and (d) of this Item 4 above, an individual's modified AGI for a taxable year is defined in Section 408A(c)(3)(C)(i) of the Code and does not include any amount included in adjusted gross income as a result of a rollover from a traditional IRA (a "conversion rollover"). 2008ROTH-GWB 4
Sample 1
Modified AGI. Modified AGI does not include any conversions to a Xxxx XXX and included in income. Modified AGI is determined before deduct ible traditional IRA contributions. Effective for distributions after December 31, 2004, Modified AGI does not include any amounts that are required minimum distributions pursuant to section 408(a)(6) only for purposes of determining eligibility for conversion contributions . Miscellaneous Contribution Rules - Contributions are permitted after you attain age 70½, so long as you have compensation and meet the AGI limits described above. Contributions are permitted regardless of whether you are an active participant in an employer -sponsored plan. Special Rules for Qualified Reservist Distributions – Qualified Reservist Distributions withdrawn from a Xxxx XXX are eligible to be repaid to a Xxxx XXX within a 2-year period after the end of active duty. A Qualified Reservist Distribution is a distribution receiv ed from a Xxxx XXX by members of the National Guard or reservists who are called to active duty for a period of at least 180 days and such distribu tion is taken during the period of such active duty. This provision is retroactively effective with respect to distributions after September 11, 2001, for individuals called to active duty after September 11, 2001. The repayments are not treated as tax-free rollovers. Instead, the repayments become basis in the Xxxx XXX. EXCESS CONTRIBUTIONS TO A XXXX XXX Generally, an excess Xxxx XXX contribution is any contribution which exceeds the contribution limits. Such excess amount is subject to a 6% excise tax on the principal remaining amount of the excess each year until the excess is corrected. Method of Withdrawing Excess in a Timely Manner - This 6% excise tax may be avoided, if the excess amount plus the earnings attributable to the excess are distributed to you by your tax filing deadline including extensions for the year during which the excess contr ibution was made. If you decide to correct your excess in this manner, the principal amount of the excess returned to you is not taxable; however, the earnings attributable to the excess are taxable to you in the year in which the contribution was made. In add ition, if you are under age 59½, the earnings attributable to the excess amount are subject to a 10% additional income tax. This is the only method of correcting an excess contribution th at will avoid the 6% excise tax. The earnings attributable to an excess contribution will alway...
Sample 1
Modified AGI. Modified AGI does not include any distributions from a traditional IRA that are rolled over to a Xxxx XXX and included in income. Modified AGI is determined after deductible traditional IRA contributions. Caution: Pending technical corrections would provide that modified AGI is determined before a deductible traditional IRA contribution. Other Contributions. Your Xxxx XXX may not accept rollovers from an employer-sponsored plan, employer contributions made under a SEP or SIMPLE plan and traditional IRA contributions. However, certain rollovers and transfers as described below may be made. Miscellaneous Contribution Rules
Sample 1
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Modified AGI. Single or Head of Household $95,0000 or less Between $95,000 and $110,000 $110,000 or more Joint Return Or Qualifying Widow(er) $150,000 or less Between $150,000 and $160,000 $160,000 or more Married-Separate Return $0 Between $0 and $10,000 $10,000 or more If the Individual’s Modified AGI for a Taxable Year is in the phase-out range, the maximum Regular Contribution determined under this table for that Taxable Year is rounded up to the next multiple of $10 and is not reduced below $200.
Sample 1
Modified AGI. Modified AGI does not include any distributions from a traditional IRA that are converted to a Xxxx XXX and included in income. Modified AGI is determined before deductible traditional IRA contributions. Effective for distributions after December 31, 2004, Modified AGI does not include any amounts that are required minimum distributions pursuant to section 408(a)(6) only for purposes of determining eligibility for conversion contributions. Other Contributions - Your Xxxx XXX may not accept rollovers from an employer-sponsored plan (other than from a Designated Xxxx Account), employer contributions made under a SEP or SIMPLE plan and traditional IRA contributions. However, certain rollovers and transfers as described below may be made. Miscellaneous Contribution Rules - Contributions are permitted after you attain age 701/2, so long as you have compensation and meet the AGI limits described above. Contributions are permitted regardless of whether you are an active participant in an employer-sponsored plan. Special Rules for Qualified Reservist Distributions - Qualified Reservist Distributions withdrawn from a Xxxx XXX are eligible to be repaid to a Xxxx XXX within a 2-year period after the end of active duty. A Qualified Reservist Distribution is a distribution received from a Xxxx XXX by members of the National Guard or reservists who are called to active duty for a period of at least 180 days and such distribution is taken during the period of such active duty. This provision is retroactively effective with respect to distributions after September 11, 2001, for individuals called to active duty after September 11, 2001. The repayments are not treated as rollovers. Instead, the repayments become basis in the XXXX XXX. EXcESS cONTRiBUTiONS TO A XXXX xXX Generally, an excess Xxxx XXX contribution is any contribution which exceeds the contribution limits. Such excess amount is subject to a 6% excise tax on the principal remaining amount of the excess each year until the excess is corrected.
Sample 1

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