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”).
Modified AGI. For purposes of subsections (c) and (d) above, the Owner's modified AGI for a taxable year is defined in Code Section 408A(c)(3)(i) and does not include any amount included in adjusted gross income as a result of a rollover from an eligible retirement plan other than a Roth IRA (a "conversion").
Modified AGI. For purposes of (b) and (c) above, modified AGI for a ------------ taxable year is defined in 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 nonRoth XXX (a "conversion").
7. No amount is required to be distributed prior to the death of the Owner for whose benefit the Contract was originally established.
(a) Upon the death of the Owner, distribution of any remaining benefits shall be completed by December 31 of the calendar year containing the fifth anniversary of the Owner's death except to the extent that an election is made to receive distributions in accordance with (i) or (ii) below:
(i) If the Owner's interest is payable to a designated Beneficiary, than the entire interest of the individual may be distributed over the life or over a period certain not greater than the life expectancy of the designated Beneficiary commencing on or before December 31 of the calendar year immediately following the calendar year in which the individual died.
(ii) If the designated Beneficiary is the Owner's surviving spouse, the date distributions are required to begin in accordance with (i) above shall not be earlier than the later of (A) December 31 of the calendar year in which the individual died or (B) December 31 of the calendar year in which the individual would have attained age 70 1/2 1/2.
(b) If the designated Beneficiary is the individual's surviving spouse, the spouse may elect to treat the Contract as his or her own Xxxx XXX. This election will be deemed to have been made if such surviving spouse makes a regular contribution to the Contract, makes a rollover to or from such Contract, or fails to take distributions under (a) above.
(c) Payments required under (a)(i) or (a) (ii) above must be made at intervals of no longer than 1 year and must be either nonincreasing or increasing as provided in Q&A F-3 of Section 1.401 (a)(9)-1 of the Proposed Income Tax Regulations. NEL-446 (05/01) --------------------------------------------------------------------------------
(d) Life expectancy is computed by use of the expected return multiples in Table V of Section 1.72-9 of the Income Tax Regulations. If the designated Beneficiary is the individual's surviving spouse, then, unless otherwise elected by the surviving spouse by the time distributions are required to begin, the surviving spouse's life expectancy shall be recalculated annually. Such election shall be irrevocable by the surviving sp...
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. 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 EXCESS CONTRIBUTIONS TO A XXXX XXX
Modified AGI. 3.12(C)(4)(b) Practitioner. 1.43
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. 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 always be taxable, even if you would otherwise meet the definition of a Undercontribution Method - If an excess is not corrected by the tax filing deadline, including extensions, for the year d uring which the excess contribution was made, such excess contribution may be applied,...
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. 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
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
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.
