Prohibited Transactions. If you or your Beneficiary engage in a prohibited transaction with your IRA, as described in IRC Sec. 4975, your IRA will lose its tax-deferred or tax-exempt status. For Traditional IRAs, you must include the value of your account in your gross income for the taxable year. For Xxxx IRAs, you must generally include the value of the earnings in your account in your gross income for that taxable year. The following transactions are examples of prohibited transactions with your IRA: (1) Taking a loan from your IRA (2) Buying property for personal use (present or future) with IRA assets
Appears in 41 contracts
Samples: Ira Prototype Plan Agreement, Ira Prototype Plan Agreement, Ira Prototype Plan Agreement
Prohibited Transactions. If you or your Beneficiary beneficiary engage in a prohibited transaction with your IRA, as described in IRC Sec. 4975, your IRA will lose its tax-deferred or tax-exempt status. For Traditional IRAs, and you must include the value of your account in your gross income for the taxable year. For Xxxx IRAs, you must generally include the value of the earnings in your account in your gross income for that taxable year. The following transactions are examples of prohibited transactions with your IRA: .
(1) Taking a loan from your IRA (2) Buying property for personal use (present or future) with IRA assetsassets (3) Receiving certain bonuses or premiums because of your IRA.
Appears in 30 contracts
Samples: Individual Retirement Custodial Account Agreement, Traditional Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement
Prohibited Transactions. If you or your Beneficiary engage in a prohibited transaction with your IRA, as described in IRC Sec. 4975, your IRA will lose its tax-deferred or tax-exempt status. For Traditional IRAs, you must include the value of your account in your gross income for the taxable year. For Xxxx IRAs, you must generally include the value of the earnings in your account in your gross income for that taxable year. The following transactions are examples of prohibited transactions with your IRA: (1) Taking a loan from your IRA (2) Buying property for personal use (present or future) with IRA assetsassets (3) Receiving certain bonuses or premiums because of your IRA.
Appears in 17 contracts
Samples: Ira Kit Agreement, Individual Retirement Custodial Account Agreement, Ira Kit Agreement
Prohibited Transactions. If you or your Beneficiary engage in a prohibited transaction with your IRA, as described in IRC Sec. Code Section 4975, your IRA will lose its tax-deferred or tax-exempt status. For Traditional IRAs, you must include the value of your account in your gross income for the taxable yearyear you engage in the prohibited transaction. For Xxxx IRAs, you must generally include the value of the earnings in your account in your gross income for that taxable year. The following transactions are examples of prohibited transactions with your IRA: (1) Taking taking a loan from your IRA IRA; (2) Buying buying property for personal use (present or future) with IRA assetsfunds; or (3) receiving certain bonuses or premiums because of your IRA.
Appears in 4 contracts
Samples: Ira Prototype Agreement and Disclosure Statement, Ira Prototype Agreement and Disclosure Statement, Ira Prototype Agreement
