Common use of Nondeductible Contributions Clause in Contracts

Nondeductible Contributions. You may make nondeductible contributions to your Traditional IRA to the extent that deductible contributions are not allowed. The sum of your deductible and nondeductible IRA contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensation). You may elect to treat deductible Traditional IRA contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

Appears in 58 contracts

Samples: Ira Prototype Plan Agreement, Ira Prototype Plan Agreement, Ira Prototype Plan Agreement

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Nondeductible Contributions. You may make nondeductible contributions to your Traditional IRA to the extent that deductible contributions are not allowed. The sum of your deductible and nondeductible IRA contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensationcompensation). You may elect to treat deductible Traditional IRA contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

Appears in 27 contracts

Samples: Individual Retirement Custodial Account Agreement, Traditional Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement

Nondeductible Contributions. You may make nondeductible contributions to your Traditional IRA XXX to the extent that deductible contributions are not allowed. The sum of your deductible and nondeductible IRA XXX contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensationcompensation). You may elect to treat deductible Traditional IRA XXX contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

Appears in 18 contracts

Samples: Traditional Individual Retirement Account Custodial Agreement, Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement

Nondeductible Contributions. You may make nondeductible contributions to your Traditional IRA to the extent that deductible contributions contribu- tions are not allowed. The sum of your deductible and nondeductible nonde- ductible IRA contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previouslyprevi- ously, or 100 percent of Compensationcompensation). You may elect to treat deductible Traditional IRA contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions contri- butions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

Appears in 6 contracts

Samples: Wealth Management Agreement, Account Agreement, Account Agreement

Nondeductible Contributions. You may make nondeductible contributions to your Traditional IRA to the extent that deductible contributions are not allowed. The sum of your deductible and nondeductible IRA contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensationcompensation). You may elect to treat deductible Traditional IRA contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

Appears in 4 contracts

Samples: Ira Prototype Agreement and Disclosure Statement, Ira Prototype Agreement and Disclosure Statement, Ira Prototype Agreement

Nondeductible Contributions. You may make nondeductible contributions to your Traditional IRA XXX to the extent that deductible contributions are not allowed. The sum of your deductible and nondeductible IRA XXX contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensationcompensation). You may elect to treat deductible Traditional IRA XXX contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

Appears in 2 contracts

Samples: Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement

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Nondeductible Contributions. You may make nondeductible contributions to your Traditional IRA XXX to the extent that deductible contributions are not allowed. The sum of your deductible and nondeductible IRA XXX contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensation). You may elect to treat deductible Traditional IRA XXX contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

Appears in 1 contract

Samples: Individual Retirement Custodial Account Agreement

Nondeductible Contributions. You may make nondeductible contributions to your Traditional IRA to the extent that deductible contributions are not allowed. The sum of your deductible and nondeductible IRA contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensationcompensation). You may elect to treat deductible Traditional IRA contributions as nondeductible non deductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

Appears in 1 contract

Samples: Round Ira Client Agreements

Nondeductible Contributions. You may make nondeductible contributions to your Traditional IRA to the extent that deductible contributions are not allowed. The sum of your deductible de- ductible and nondeductible IRA contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensationcompensation). You may elect to treat deductible Traditional IRA contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable tax- able year, you are subject to a $100 penalty unless reasonable cause for the overstatement overstate- ment can be shown.

Appears in 1 contract

Samples: Traditional Ira Plan Agreement

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