No Special Tax Treatment Sample Clauses

No Special Tax Treatment. No distribution to you or anyone else from your Account can qualify for capital gain treatment under the Federal income tax laws. The taxable portion of the distribution is taxed to the person receiving it as ordinary income. There are no special averaging rules applicable to distributions made directly from your Account.
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No Special Tax Treatment. Xxxx XXX distributions are not eligible for special tax treatments, such as ten year averaging, that may apply to other employer-sponsored retirement plan distributions. Estate and Gift Tax. The designation of a beneficiary to receive Xxxx XXX distributions upon your death will not be considered a transfer of property for federal gift tax purposes. Upon your death, the value of all assets remaining in your Xxxx XXX will usually be included in your gross estate for estate tax purposes, regardless of the named beneficiary or manner of distribution. There is no specific estate tax exclusion for assets held within a Xxxx XXX. After your death, beneficiaries should pay careful attention to the rules for the disclaiming any portion of your Xxxx XXX under IRC Section 2518. Annual Statements. Each year we will furnish you and the IRS with statements reflecting the activity, including rollovers, conversions, and Federal Tax Penalties and IRS Form 5329. Several tax penalties may apply to your various Xxxx XXX transactions, and are in addition to any federal, state, or local taxes. Federal penalties and excise taxes are generally reported and remitted to the IRS by completing IRS Form 5329, and attaching the form to your federal income tax return. The penalties may include any of the following taxes:
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No Special Tax Treatment. No distribution to you or to anyone else from your Account can qualify for capital gain treatment under the federal income tax laws. Each distribution is taxed to the person receiving such distribution as ordinary income. There are no special averaging rules applicable to distributions from your Account. Tax Withholding. Federal income tax will be withheld from distributions you receive from the Account unless you elect not to have such tax withheld. However, if SIMPLE IRA distributions are to be delivered outside of the United States, this withholding tax is mandatory and you may not elect otherwise unless you certify to the Custodian that you are a U.S. citizen or other U.S. person (including a resident alien individual). This tax withholding will also be mandatory if you have not provided a valid residential address within the United States. (A post office box is not deemed to be a valid residential
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No Special Tax Treatment. Xxxx XXX distributions are not eligible for special tax treatments, such as ten year averaging, that may apply to other employer-sponsored retirement plan distributions.
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No Special Tax Treatment. No distribution to you or anyone else from your Account can qualify for capital gain treatment under the Federal income tax laws. The taxable portion of the distribution is taxed to the person receiving it as ordinary income. There are no special averaging rules applicable to distributions made directly from your Account. IRS Approval. The form of your Individual Retirement Account is the model government form provided by the IRS known as Form 5305-A. Refer to IRS Publication 590 or contact the IRS for more information on IRAs, as transactions done incorrectly may result in adverse tax consequences. Fidelity Advisor XXX & Xxxx XXX
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No Special Tax Treatment. Xxxx XXX distributions are not eligible waive this penalty upon proof of reasonable error and that reasonable for special tax treatments, such as ten year averaging, that may apply steps were taken to correct the error, including remedying the
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No Special Tax Treatment. No distribution to you or anyone else from your Account can qualify for capital gain treatment under the federal income tax law. It is taxed to the person receiving the distribution as ordinary income. Similarly, you are not entitled to the special income averaging rule for lump sum distributions available to persons receiving distributions from certain other types of retirement plans. However, distributions to you, though taxable as ordinary income, may qualify for regular income averaging under the tax laws. GIFT TAX. If you elect during your lifetime to have all or any part of your Account payable to a Beneficiary at or after your death, the election will not subject you to any gift tax liability. ESTATE TAX. For deaths occurring after December 31, 1984, all funds held within an XXX will be included in your gross estate for estate tax purposes, regardless of the named beneficiary or manner of distribution. There is no specific estate tax exclusion for funds held within an XXX. REPORTING FOR TAX PURPOSES Deductible contributions to your XXX may be claimed as a deduction on your tax Form 1040 for the taxable year contributed. Non-deductible contributions must be reported on Form 8606 which is filed with Form 1040. Other reporting will be required by you in the event that special taxes or penalties described herein are due. You must also file Treasury Form 5239 with the IRS for each taxable year in which the contribution limits are exceeded, a premature distribution takes place, or less than the required minimum amount is distributed from your XXX. XXX APPROVAL The form of your Individual Retirement Account Plan has been submitted for approval to the Internal Revenue Service. The internal Revenue Service approval is a determination only as to the form and does not represent a determination of the merits of the Plan. You may obtain further information with respect to your XXX from any district office of the Internal Revenue Service. GALAXY FUND XXX ADOPTION AGREEMENT AND NEW ACCOUNT APPLICATION GALAXY FUND XXX FOR: Name --------------------------------------------------------------------------- Address Home Phone No. ------------ ---------------------------------------------- City State Zip Code Date of Birth ------------------------- ---------- ------- ------- Social Security No. ------------------------------------------------------------ Initial Contribution Amount ---------------------------------------------------- -------------------------------------...
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No Special Tax Treatment. No distribution to you or anyone else from your IRA xxxl qualify for special 5-year or 10-year averaging or capital gains treatment under the federal income tax laws. All distributions are taxed to the recipient as ordinary income except for the portion of a distribution which represents the return of non-deductible contributions.
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Related to No Special Tax Treatment

  • Special Tax Treatment Capital gains treatment and 10-year forward income averaging authorized by IRC Sec. 402 do not apply to IRA distributions.

  • Intended Tax Treatment (a) For U.S. federal income tax purposes (and for purposes of any applicable state or local Tax that follows the U.S. federal income tax treatment), the parties hereto intend that (i) the First Merger and the Second Merger, taken together, will constitute an integrated transaction that qualifies as a “reorganization” within the meaning of Section 368(a) of the Code, and (ii) this Agreement will constitute a “plan of reorganization” for the purposes of Section 368 of the Code and Treasury Regulations Sections 1.368-2(g) and 1.368-3(a) (clauses (i) and (ii) collectively, the “Intended Tax Treatment”). (b) So long as the conditions set forth on Exhibit D are satisfied, then (i) each party hereto will agree to prepare and file all Tax Returns consistent with the position that the Mergers qualify for the Intended Tax Treatment, and (ii) no party shall take any position on any Tax Return or during the course of any audit, litigation or other proceeding with respect to Taxes that is inconsistent with the Intended Tax Treatment, except, in each case, as otherwise required by a final determination by a taxing authority or a change in applicable Law after the date of this Agreement. (c) The parties shall cooperate with each other and their respective counsel and use their reasonable best efforts to cause the conditions set forth on Exhibit D to be satisfied. Neither the Company nor Parent shall, or shall cause or permit any of their respective Subsidiaries to, take or omit to take any reasonable action not required or contemplated by this Agreement, as a result of which the Mergers would reasonably be expected to fail to qualify for the Intended Tax Treatment. (d) Parent shall reasonably promptly notify the Company, and the Company shall reasonably promptly notify the Parent, in each case if such party becomes aware of any non-public fact or circumstance that would reasonably be likely to prevent or impede the Mergers from qualifying for the Intended Tax Treatment.

  • Tax Treatment If any interest in any Loan Document is transferred to any Transferee which is organized under the laws of any jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5(iv).

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