Common use of Multiple IRAs Clause in Contracts

Multiple IRAs. If you have more than one Traditional IRA, the contribution limits listed below apply to the total amount you may contribute to all of your IRAs for the year. If you also have a Xxxx XXX, the contribution limits listed below are reduced by any amounts you contribute to your Xxxx XXX for the tax year. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA and you make voluntary employee contributions to that separate account, the total amount listed below that you may contribute to all of your IRAs is reduced by those voluntary employee contributions. Regular IRA Contributions. You may annually contribute up to the lesser of 100% of your compensation or the maximum amount listed below. $5,000 for tax year 2008-2012 $5,500 for tax year 2013 The regular IRA contribution amounts listed above will be increased annually to reflect a cost-of-living adjustment, if any. Catch-up Contributions. If you are age 50 or older before the end of the tax year, you may make an additional catch-up contribution to your IRA for that tax year of up to $1,000. For tax years 2007-2009 (and for later years if allowed under the Code), you may be eligible for an additional catch-up contribution for the tax year up to $3,000, if you are now or have in the past been a participant in a 401(k) plan where the employer sponsoring the 401(k) plan was involved in bankruptcy and certain other requirements as defined in the Code and Regulations are satisfied. You do not have to be 50 or older to make this catch-up contribution due to bankruptcy. However, if you are 50 or older before the end of the tax year and also qualify for the catch-up contribution due to bankruptcy, you cannot take advantage of the catch-up contribution for individuals 50 or older. Spousal IRA Contributions. If you are married, file a joint tax return and your compensation is less than your spouse's (including zero), you and your spouse may each fund an IRA according to the limits for funding “Regular IRA Contributions” above. However, the total contributions to both of your IRAs may not exceed the combined compensation of you and your spouse.

Multiple IRAs. If you have more than one Traditional IRAXXX, the contribution limits listed below apply to the total amount you may contribute to all of your IRAs for the year. If you also have a Xxxx XXX, the contribution limits listed below are reduced by any amounts you contribute to your Xxxx XXX for the tax year. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA XXX and you make voluntary employee contributions to that separate account, the total amount listed below that you may contribute to all of your IRAs is reduced by those voluntary employee contributions. Regular IRA XXX Contributions. You may annually contribute up to the lesser of 100% of your compensation or the maximum amount listed below. $5,000 for tax year 2008-2012 $5,500 for tax year 2013 The regular IRA XXX contribution amounts listed above will be increased annually to reflect a cost-of-living adjustment, if any. Catch-up Contributions. If you are age 50 or older before the end of the tax year, you may make an additional catch-up contribution to your IRA XXX for that tax year of up to $1,000. For tax years 2007-2009 (and for later years if allowed under the Code), you may be eligible for an additional catch-up contribution for the tax year up to $3,000, if you are now or have in the past been a participant in a 401(k) plan where the employer sponsoring the 401(k) plan was involved in bankruptcy and certain other requirements as defined in the Code and Regulations are satisfied. You do not have to be 50 or older to make this catch-up contribution due to bankruptcy. However, if you are 50 or older before the end of the tax year and also qualify for the catch-up contribution due to bankruptcy, you cannot take advantage of the catch-up contribution for individuals 50 or older. Spousal IRA XXX Contributions. If you are married, file a joint tax return and your compensation is less than your spouse's (including zero), you and your spouse may each fund an IRA XXX according to the limits for funding “Regular IRA XXX Contributions” above. However, the total contributions to both of your IRAs may not exceed the combined compensation of you and your spouse.