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(s) into your Xxxx XXX(s), provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. If you convert to a Xxxx XXX, the amount of the con- version 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 age 70½ or older, you must remove your required minimum distri- bution before converting your SIMPLE IRA.

SIMPLE IRA-to-Xxxx XXX Conversions. You If your modified adjusted gross income is not more than $100,000 and you are not married filing a separate income tax return, you are eligible to convert all or any portion of your existing SIMPLE IRA(s) into your Xxxx XXX(s), provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. Beginning in 2010, the $100,000 MAGI limit and the married filing separate tax filing restriction will be eliminated for conversion eligibility. If you convert are age 70½ or older you must remove your required minimum distribution prior to a Xxxx XXX, the converting your SIMPLE IRA. The amount of the con- version conversion from your SIMPLE IRA to your Xxxx XXX will shall be treated as a distribution for income tax purposes, and is includible in your gross income. Although the conversion amount is generally is included in income, the 10 percent early distribution penalty tax will shall 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 age 70½ or older, you must remove your required minimum distri- bution before converting your SIMPLE IRApenalty.

SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA(s) into your Xxxx XXX(s), provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. If you convert to a Xxxx XXX, the amount of the con- version 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 age 70½ 72 or older, older you must remove your required minimum distri- bution 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(s) IRA into your Xxxx XXX(s)XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. If you convert to a Xxxx XXX, the The amount of the con- version 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 dis- tribution 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 age 70½ or older, you must remove your required minimum distri- bution 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(s) into your Xxxx XXX(s), provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. If you convert to a Xxxx XXX, the amount of the con- version 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 age 70½ or olderrequired to take a required minimum distribution for the year, you must remove your required minimum distri- bution distribution before converting your SIMPLE IRA.