Common use of Qualifying Trusts Clause in Contracts

Qualifying Trusts. If you name a qualifying trust, which is defined distributed during the five-year holding period. However, certain in Treasury Regulation 1.401(a)(9)-4, Q&A 5, as your Xxxx XXX exceptions apply. Exceptions to the 10 percent penalty tax include: beneficiary, the beneficiaries of the qualifying trust are treated as the the qualified distributions reasons previously listed, distributions due to eligible higher education expenses, medical expenses exceeding a Disaster Tax Relief and Repayment of a Qualified Disaster certain percentage of adjusted gross income, health insurance Distribution. Subject to applicable law, individuals in certain federally premiums due to your extended unemployment, a series of declared disaster areas may be given the opportunity to take qualified substantially equal periodic payments, IRS levy, traditional IRA disaster distributions without an early distribution penalty (e.g., for a conversions, qualified reservist distributions, qualified birth or qualified hurricane distribution). When these qualified disaster adoption distributions, and qualified HSA funding distributions. distributions are allowed, they are subject to any time periods as defined Additional exceptions include distributions taken during the five year by law and, if multiple distributions are made for the same event, are holding period as a result of your attaining age 59 1/2, death, aggregated with distributions from other IRAs and eligible retirement disability, or a first-time home purchase. Properly completed plans up to prescribed limits (e.g., $100,000). Typically, the qualified rollovers, transfers, and recharacterizations are not subject to the 10 disaster distributions are included in gross income over a three tax year percent penalty tax. period or all in the year of distribution. In addition, an individual may be

Qualifying Trusts. If you name a qualifying trust, which is defined distributed during the five-year holding period. However, certain in Treasury Regulation 1.401(a)(9)-4, Q&A 5, as your Xxxx XXX Roth IRA exceptions apply. Exceptions to the 10 percent penalty tax include: beneficiary, the beneficiaries of the qualifying trust are treated as the the qualified distributions reasons previously listed, distributions due to eligible higher education expenses, medical expenses exceeding a Disaster Tax Relief and Repayment of a Qualified Disaster certain percentage of adjusted gross income, health insurance Distribution. Subject to applicable law, individuals in certain federally premiums due to your extended unemployment, a series of declared disaster areas may be given the opportunity to take qualified substantially equal periodic payments, IRS levy, traditional IRA disaster distributions without an early distribution penalty (e.g., for a conversions, qualified reservist distributions, qualified birth or qualified hurricane distribution). When these qualified disaster adoption distributions, and qualified HSA funding distributions. distributions are allowed, they are subject to any time periods as defined Additional exceptions include distributions taken during the five year by law and, if multiple distributions are made for the same event, are holding period as a result of your attaining age 59 1/2, death, aggregated with distributions from other IRAs and eligible retirement disability, or a first-time home purchase. Properly completed plans up to prescribed limits (e.g., $100,000). Typically, the qualified rollovers, transfers, and recharacterizations are not subject to the 10 disaster distributions are included in gross income over a three tax year percent penalty tax. period or all in the year of distribution. In addition, an individual may be