Ordinary Income Taxation Sample Clauses

Ordinary Income Taxation. Your taxable SIMPLE IRA distribution is usually included in gross income in the distribution year. SIMPLE IRA 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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Ordinary Income Taxation. Your taxable IRA distribution is usually included in gross income in the distribution year. IRA 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 IRA 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 IRA 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 an IRA. After your death, beneficiaries should pay careful attention to the rules for the disclaiming any portion of your IRA under IRC Section 2518. Federal Income Tax Withholding. IRA distributions are subject to federal income tax withholding unless you or, upon your death, your beneficiary affirmatively elect not to have withholding apply. The required federal income tax withholding rate is 10 percent of the distribution. Upon your request for a distribution, by providing IRS Form W-4P or an appropriate substitute, we will notify you of your right to waive withholding or elect to have greater than 10 percent withheld. Annual Statements. Each year we will furnish you and the IRS with statements reflecting the activity in your IRA. You and the IRS will receive IRS Forms 5498, IRA Contribution Information, and 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. IRS Form 5498 or an appropriate substitute indicates the fair market value of the account, including IRA contributions, for the year. IRS Form 1099-R reflects your IRA distributions for the year. By January 31 of each year, you will receive a report of your fair market value as of the previous calendar year end. If applicable, you will also receive a report concerning your annual RMD. Federal Tax Penalties and IRS Form 5329. Several tax penalties may apply to your various IRA 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, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, and attaching the form to your federal income tax return. The penalties may include any of the following taxes:
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Ordinary Income Taxation. Your taxable IRA distribution is 2. Excess Contribution Penalty Tax. If you contribute more to your usually included in gross income in the distribution year. IRA IRA than you are eligible to contribute, you have created an excess distributions are not eligible for special tax treatments, such as ten contribution, which is subject to a 6 percent excise tax. The excise year averaging, that may apply to other employer-sponsored tax applies each year that the excess contribution remains in your retirement plan distributions. IRA. If you timely file your federal income tax return, you may still Estate and Gift Tax. The designation of a beneficiary to receive IRA remove your excess contribution, plus attributable earnings, as late distributions upon your death will not be considered a transfer of property as October 15 for calendar year filers.
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Ordinary Income Taxation. Your taxable XXX distribution is usually included in gross income in the distribution year. XXX distributions are not eligible for special tax treatments, such as ten year averaging, that may apply to other employer-sponsored retirement plan distributions. If you name a qualified trust, which is defined in Treasury Regulation 1.401(a)(9)-4, Q&A 5, as your XXX beneficiary, the beneficiaries of the qualified trust are treated as the beneficiaries of your XXX for purposes of determining designated beneficiaries and the appropriate life expectancy period after your death. A qualified trust provides documentation of its beneficiaries to the custodian.
Sample 1Sample 2Sample 3
Ordinary Income Taxation. Your taxable IRA distribution is usually included in gross income in the distribution year. IRA distributions are not eligible for special tax treatments, such as ten year averaging, that may apply to other employer-sponsored retirement plan distributions. If you name a qualified trust, which is defined in Treasury Regulation 1.401(a)(9)-4, Q&A 5, as your IRA beneficiary, the beneficiaries of the qualified trust are treated as the beneficiaries of your IRA for purposes of determining designated beneficiaries and the appropriate life expectancy period after your death. A qualified trust provides documentation of its beneficiaries to the custodian.
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Ordinary Income Taxation. Your taxable HSA distribution is usually included in gross income in the distribution year. Estate and Gift Tax. The designation of a beneficiary to receive HSA 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 HSA 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 an HSA. Annual Statements. Each year we will furnish you and the IRS with IRS-required statements reflecting the activity in your HSA. Federal Tax Penalties and IRS Forms 5329 or 8889. Several tax penalties may apply to your various HSA transactions, and are in addition to any federal, state, or local taxes. Federal penalties and excise taxes are reported and remitted to the IRS by completing either IRS Form 5329 or Form 8889 and attaching the applicable form(s) to your federal income tax return. The penalties may include any of the following taxes:
Sample 1
Ordinary Income Taxation. Your taxable HSA distribution is usually included in gross income in the distribution year. Estate and Gift Tax. The designation of a beneficiary to receive HSA 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 HSA 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 an HSA. Federal Income Tax Withholding. If federal withholding is applicable, the custodian may require the completion of a withholding election document. Annual Statements. Each year we will furnish you and the IRS with IRS-required statements reflecting the activity in your HSA. Federal Tax Penalties. Several tax penalties may apply to your various HSA 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 along with your federal income tax return. The penalties may include any of the following taxes:
Sample 1
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Ordinary Income Taxation. Your taxable IRA distribution is 2. Excess Contribution Penalty Tax. If you contribute more to your usually included in gross income in the distribution year. IRA IRA than you are eligible to contribute, you have created an excess distributions are not eligible for special tax treatments, such as ten contribution, which is subject to a 6 percent excise tax. The excise year averaging, that may apply to other employer-sponsored tax applies each year that the excess contribution remains in your retirement plan distributions. IRA. If you timely file your federal income tax return, you may still Estate and Gift Tax. The designation of a beneficiary to receive IRA remove your excess contribution, plus attributable earnings, as late distributions upon your death will not be considered a transfer of property as October 15 for calendar year filers. for federal gift tax purposes. Upon your death, the value of all assets 3. Excess Accumulation Penalty Tax. Any portion of a RMD that is remaining in your IRA will usually be included in your gross estate for not distributed by its deadline is subject to an excess accumulation estate tax purposes, regardless of the named beneficiary or manner of penalty tax of up to 25 percent. The IRS may waive this penalty distribution. There is no specific estate tax exclusion for assets held within upon your proof of reasonable error and that reasonable steps were an IRA. After your death, beneficiaries should pay careful attention to the taken to correct the error, including remedying the shortfall. See rules for the disclaiming any portion of your IRA under IRC Section IRS Form 5329 instructions when requesting a waiver. In addition, 2518. the excess accumulation penalty tax may be reduced to 10 percent if Federal Income Tax Withholding. IRA distributions are subject to the failure to take the RMD is corrected within the correction federal income tax withholding unless you or, upon your death, your window. beneficiary affirmatively elect not to have withholding apply. The Disaster Tax Relief and Repayment of a Qualified Disaster Recovery required federal income tax withholding rate is 10 percent of the Distribution. If your principal place of abode is in a qualified disaster distribution. Upon your request for a distribution, by providing IRS Form area, you may take a qualified disaster recovery distribution without an W-4R, we will notify you of your right to waive withholding or elect to early distribution penalty. These qualifie...
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Related to Ordinary Income Taxation

  • Taxation The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. In accordance with instructions from the Company and to the extent practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced withholding of tax at source on dividends and other benefits under applicable tax treaties or laws with respect to dividends and other distributions on the Deposited Securities. As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations under applicable law. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. If the Company (or any of its agents) withholds from any distribution any amount on account of taxes or governmental charges, or pays any other tax in respect of such distribution (i.e., stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor, in each case, in a form satisfactory to the Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders any taxes withheld by it or the Custodian, and, if such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary or the Custodian, as applicable. Neither the Depositary nor the Custodian shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or Beneficial Owner’s income tax liability. The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the ADSs, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a “Passive Foreign Investment Company” (in each case as defined in the U.S. Internal Revenue Code and the regulations issued thereunder) or otherwise.

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