Modified AGI on Deduction. You are NOT Covered by a Retirement Plan at Work (Spousal Coverage Considered) TAX YEAR 2024 Full deduction if modified AGI is: Partial deduction if modified AGI is: No deduction if AGI is: TAX YEAR 2024 Full contribution if modified AGI is: Partial contribution if modified AGI is: No contribution if AGI is: Early Distribution Penalty Tax – If you are under age 59½ and receive a Traditional IRA distribution, an additional early distribution penalty tax of 10% generally will apply to the amount includible in income in the year of the distribution. However, the additional early distribution penalty tax of 10% generally will not apply if one of the following exceptions apply. The 10% penalty tax is in addition to any federal income tax that is owed at distribution.
Appears in 4 contracts
Samples: Custodial Account Agreement, Custodial Account Agreement, Custodial Account Agreement
