No Prohibited Transactions. If you engage in a prohibited transaction, the Beneficiary IRA loses its tax exempt status as of the first day of the year. You must include the fair market value of your Beneficiary IRA as of that first day in your gross income for the year during which the prohibited transaction occurred, and pay all applicable taxes and penalties.
Appears in 4 contracts
Samples: Roth Beneficiary Ira Amendment, Traditional Beneficiary Ira Amendment, Traditional Beneficiary Ira Amendment
No Prohibited Transactions. If you engage in a prohibited transaction, the Beneficiary SIMPLE IRA loses its tax exempt status exemption as of the first day of the year. You must include the fair market value of your Beneficiary SIMPLE IRA as of that first day in your gross income for the year during which the prohibited transaction occurred, and pay all applicable taxes and penalties.
Appears in 4 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
No Prohibited Transactions. If you engage in a prohibited transaction, the Beneficiary IRA loses its tax exempt status as of the first day of the year. You must include the fair market value of your Beneficiary IRA as of that first day in your gross income for the year during which the prohibited transaction occurred, and pay all applicable taxes and penalties.
Appears in 1 contract
Samples: Customer Agreement
