Rollovers of Settlement Payments From Bankrupt Airlines. If you are a qualified airline employee who has received an airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, or on November 29, 2011, you are allowed to roll over up to 90 percent of the proceeds into your Traditional XXX within 180 days after receipt of such amount. If you make such a rollover contribution, you may exclude the amount rolled over from your gross income in the taxable year in which the airline settlement payment was paid to you. To obtain more information on this type of rollover, you may wish to visit the IRS website at xxx.xxx.xxx.
Appears in 3 contracts
Samples: Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement
Rollovers of Settlement Payments From Bankrupt Airlines. If you are a qualified airline employee who has received an airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, or on November 29, 2011, you are allowed to roll over up to 90 percent of the proceeds into your Traditional XXX IRA within 180 days after receipt of such amount. If you make such a rollover contribution, you may exclude the amount rolled over from your gross income in the taxable year in which the airline settlement payment was paid to you. To obtain more information on this type of rollover, you may wish to visit the IRS website at xxx.xxx.xxx.
Appears in 1 contract
Samples: Traditional and Roth Ira Plan Agreement & Disclosure
Rollovers of Settlement Payments From Bankrupt Airlines. If you are a qualified airline employee who has received an airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, or on November 29, 2011, you are allowed to roll over up to 90 percent of the proceeds into your Traditional XXX IRA within 180 days after receipt of such amount. If you make such a rollover contribution, you may exclude the amount rolled over from your gross income in the taxable year in which the airline settlement payment was paid to you. To obtain more information on this type of rollover, you may wish to visit the IRS website web site at xxx.xxx.xxx.
Appears in 1 contract
Samples: Wealth Management Agreement
