Common use of SIMPLE IRA-to-Xxxx XXX Conversions Clause in Contracts

SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA into your Xxxx XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The amount of the conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are required to take a required minimum distribution for the year, you must remove your required minimum distribution before converting your SIMPLE IRA.

SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA into your Xxxx XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The amount of the conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are required to take a required minimum distribution for the year, age 70½ or older you must remove your required minimum distribution before converting your SIMPLE IRA.

SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA IRA(s) into your Xxxx XXXXXX(s), provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The If you convert to a Xxxx XXX, the amount of the conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes purposes, and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are required to take a required minimum distribution for the year, you must remove your required minimum distribution before converting your SIMPLE IRA.

SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA IRA(s) into your Xxxx XXXXXX(s), provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The If you convert to a Xxxx XXX, the amount of the conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes purposes, and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are required to take a required minimum distribution for the year, age 70½ or older you must remove your required minimum distribution before converting your SIMPLE IRA.

SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA into your Xxxx XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The amount of the conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions conver- sions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution distribu- tion penalty tax. If you are required to take a required minimum distribution for the year, you must remove your required minimum distribution before converting your SIMPLE IRA.

SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA into IRAinto your Xxxx XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The amount of the conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are required to take a required minimum distribution for the year, you must remove your required minimum distribution before converting your SIMPLE IRA.

SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA into to your Xxxx XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The amount of the conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent 10% early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent 10% early distribution penalty tax. If you are required to take a required minimum distribution for the year, you must remove take your required minimum distribution before converting your SIMPLE IRA.

SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA into your Xxxx XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The amount of the conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are required to take a required minimum distribution for the yearage 70½ or older, you must remove your required minimum distribution before converting your SIMPLE IRA.

SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA into your Xxxx XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The amount of the conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are required to take a required minimum distribution for the year, age 701⁄2 or older you must remove your required minimum distribution before converting your SIMPLE IRA.