Regular Contribution Limit. The maximum regular contribution that can be made to all the Xxxx XXX Owner’s Xxxx IRAs for a taxable year is the smaller amount determined under Section 4.01(C)(1) or (2) of this Agreement. 1. The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income in accordance with the following table. Filing Status Full Contribution Phase-Out Range Modified AGI No Contribution Single or Head of Household $95,000 or less Between $95,000 and $110,000 $110,000 or more Joint Return or Qualifying Widow(er) $150,000 or less Between $150,000 and $160,000 $160,000 or more Married – Separate Return $0 Between $0 and $10,000 $10,000 or more A Xxxx XXX Owner’s modified adjusted gross income (MAGI) for a taxable year is defined in Code Section 408A(c)(3) and does not include any amount included in adjusted gross income as a result of a qualified rollover contribution. If the Xxxx XXX Owner’s MAGI for a taxable year is in the phase-out range, the maximum regular contribution determined under this table for that taxable year is rounded up to the next multiple of $10 and is not reduced below $200. After 2006, the MAGI limits above will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 408A(c)(3). Such adjustments will be in multiples of $1,000. 2. If the Xxxx XXX Owner makes regular contributions to both Xxxx and Traditional IRAs for a taxable year, the maximum regular contribution that can be made to all the Xxxx XXX Owner’s Xxxx IRAs for that taxable year is reduced by the regular contributions made to the Xxxx XXX Owner’s Traditional IRAs for the taxable year.
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Samples: Ira Prototype Agreement and Disclosure Statement, Ira Prototype Agreement, Ira Kit
Regular Contribution Limit. The maximum regular contribution that can be made to all the Xxxx XXX Owner’s Depositor's Xxxx IRAs for a taxable year is the smaller amount determined under Section 4.01(C)(1(i) or (2ii) of this Agreementbelow.
1. (i) The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income in accordance with the following table. Filing Status Full Contribution Phase-Out Range Modified AGI No Contribution table (for 2020): Single or Head of Household Less than $95,000 or 124,000 At least $124,000 but less Between than $95,000 and 139,000 $110,000 $110,000 139,000 or more Married-Filing Jointly, or Joint Return or of Qualifying Widow(er) Less than 196,000 At least $150,000 or 196,000 but less Between than $150,000 and 206,000 $160,000 $160,000 206,000 or more Married – Married-Separate Return $0 Between $0 and $10,000 $10,000 or more A Xxxx XXX OwnerAn individual’s modified adjusted gross income (MAGI“modified AGI”) for a taxable year is defined in Code Section 408A(c)(3§ 408A(c) (3) and does not include any amount included in adjusted gross income as a result of a qualified rollover contribution. If the Xxxx XXX Owner’s MAGI individual's modified AGI for a taxable year is in the phase-out range, the maximum regular contribution determined under this table for that taxable year is rounded up to the next multiple of $10 and is not reduced below $200. After 2006, the MAGI limits dollar amounts above will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 408A(c)(3§ 408A(c) (3). Such adjustments will be in multiples of $1,000.
2. (ii) If the Xxxx XXX Owner Depositor makes regular contributions to both Xxxx and Traditional non-Xxxx IRAs for a taxable year, the maximum regular contribution that can be made to all of the Xxxx XXX Owner’s Depositor's Xxxx IRAs for that taxable year is reduced by the regular contributions made to the Depositor's non-Xxxx XXX Owner’s Traditional IRAs for the taxable year.
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Samples: Custodial Account Agreement for Traditional and Roth Iras