Common use of Nonrefundable Tax Credit Clause in Contracts

Nonrefundable Tax Credit. You may be eligible to take a tax credit for salary deferrals to your employer's SIMPLE. The credit is equal to a percentage of your qualified contributions up to $2,000. The credit cannot exceed $1,000 for any tax year, and is in addition to any deduction that may apply. To be eligible for the tax credit, you must be age 18 or older by the end of the applicable tax year, not a dependent of another taxpayer, not a full-time student, and satisfy certain restrictions on distributions. Moving Assets To and From SIMPLE IRAs. There are a variety of transactions that allow you to move your SIMPLE IRA assets to and from SIMPLE IRAs and certain other eligible retirement plans in cash or in kind based on our policies. We have sole discretion on whether we will accept, and how we will process, movements of assets to and from SIMPLE IRAs. We or any other financial organizations involved in the transaction, may require additional documentation for such activities.