Spousal Xxxx IRAs Sample Clauses

Spousal Xxxx IRAs. If you and your spouse file a joint federal income tax return and your spouse has an earned income for the year that is less than yours, you may make contributions to a Xxxx XXX established for the benefit of your spouse. The amount you may contribute to your Xxxx XXX and to a separate Xxxx XXX in your spouse’s name (“Spousal Xxxx XXX”) is the lesser of 100% of your combined AGI (as described in Section 3(b) of this Disclosure Statement) or twice the annual contribution limit ($10,000 for 2008, $11,000 for 2008 if only one of you is the age of 50 or older, or $12,000 if both you and your spouse are 50 years of age or older). However, you may not contribute more than the annual contribution limit to either a Xxxx XXX for any year, and the total annual contribution to all IRAs (both Traditional and Xxxx) may not exceed the annual contribution limit. If you establish a Spousal Xxxx XXX, the rules concerning Xxxx IRAs described in this Disclosure Statement apply equally to your spouse.
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Spousal Xxxx IRAs. If you and your spouse file a joint tax return and have unequal compensation (including no compensation for one spouse) you may establish separate Xxxx IRAs for each spouse. The total annual contribution limit for both Xxxx IRAs may not exceed (not including allowable catch-up contributions) the lesser of 100% of the combined compensation for both spouses or $6,000 for tax years 2002-2004, $8,000 for years 2005-2007, $10,000 for 2008, with the potential for cost-of-living adjustment in 2009 and beyond. or $6,000, but neither Xxxx XXX may accept more than maximum amount per individual (as described above) per spouse. The contribution must be in cash. If your spouse will attain the age of 50 by the end of the taxable year (December 31), and is eligible, you may be able to make an additional “Catch- Up” contribution to the spouse’s XXX. The maximum additional contribution limit is $500 for tax years 2002-2005 and $1,000 for tax years 2006 and beyond. The maximum Xxxx XXX contribution for the spouse must be reduced by any regular traditional XXX contributions made on behalf of such spouse, and, any Xxxx XXX contributions made on behalf of such spouse. The contribution limit may be further reduced if the Modified AGl exceed the levels discussed above. Each spouse becomes the owner or “Depositor” of his own XXX account and must execute the Adoption Agreement establishing the account. Once an XXX is established for a non-working spouse, the spouse, as the owner and “Depositor” of that XXX, becomes subject to all of the privileges, rules and restrictions applicable to IRAs generally.
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Spousal Xxxx IRAs. If you and your spouse file a joint return, you may make a contribution to a separate Xxxx XXX in the name of your non-working spouse, even if your non-working spouse has earned compensation during the taxable year, as long as the amount of compensation, if any, includible in your non-working spouse’s gross income for the taxable year is less than the compensation includible in your gross income for the taxable year and the total adjusted gross income for you and your spouse is less than $196,000. For 2018, the maximum contribution that may be made to your Xxxx XXX and to the spousal Xxxx XXX is equal to the lesser of: 1) $11,000 ($12,000 if only one is 50 or older or $13,000 if both of you are 50 or older); or
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Related to Spousal Xxxx IRAs

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • When Must Distributions from a Xxxxxxxxx Education Savings Account Begin? Distribution of a Xxxxxxxxx Education Savings Account must be made (or otherwise will be deemed made) no later than 30 days from the earlier of the beneficiary’s death or attainment of age 30. A distribution from a Xxxxxxxxx Education Savings Account may be rolled over to another beneficiary’s Xxxxxxxxx Education Savings Account according to the requirements of Section (4). Note that the Economic Growth and Tax Relief Reconciliation Act of 2001 waives the distribution age limitation if the beneficiary of the Xxxxxxxxx Education Savings Account is a “Special Needs” student.

  • Distributions; Xxxxxx Xxx Guaranty On or before each Determination Date (or as soon thereafter as is reasonably practicable), Xxxxxx Mae shall calculate the Lower Tier Distribution Amount for the current calendar month. On each Distribution Date, Xxxxxx Xxx shall withdraw from the Certificate Account the portion of the Lower Tier Distribution Amount distributable thereon and shall make the distributions to the Holders of the related Lower Tier Regular Classes in the respective amounts and in the applicable manner determined pursuant to Section 2.02. In the event that the amount on deposit in the Certificate Account on any Distribution Date shall be less than the applicable portion of the Lower Tier Distribution Amount distributable thereon, Xxxxxx Mae shall provide from its own funds the amount of any such insufficiency. In addition, in the event that (i) the applicable portion of the Lower Tier Distribution Amount shall be insufficient to pay all interest due and payable on the related Lower Tier Regular Classes on such Distribution Date or (ii) such Distribution Date is a Final Distribution Date for any Class and the distribution on such Distribution Date of the applicable portion of the Lower Tier Distribution Amount will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then Xxxxxx Xxx shall (a) withdraw from the Certificate Account, such amount as shall be necessary to remedy such insufficiency and (b) to the extent that funds in the Certificate Account shall be insufficient therefor, apply its own funds towards remedying the same.

  • Xxxx XXX-to-Xxxx XXX Rollovers Assets distributed from your Xxxx XXX may be rolled over to the same Xxxx XXX or another Xxxx XXX of yours if the requirements of IRC Sec. 408(d)(3) are met. A proper Xxxx XXX-to-Xxxx XXX rollover is completed if all or part of the distribution is rolled over not later than 60 days after the distribution is received. In the case of a distribution for a first-time homebuyer where there was a delay or cancellation of the purchase, the 60- day rollover period may be extended to 120 days. Xxxx XXX assets may not be rolled over to other types of IRAs (e.g., Traditional IRA, SIMPLE IRA), or employer-sponsored retirement plans. You are permitted to roll over only one distribution from an IRA (Traditional, Xxxx, or SIMPLE) in a 12-month period, regardless of the number of IRAs you own. A distribution may be rolled over to the same IRA or to another IRA that is eligible to receive the rollover. For more information on rollover limitations, you may wish to obtain IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • Traditional IRA-to-Xxxx XXX Conversions If you convert to a Xxxx XXX, the amount of the conversion from your Traditional IRA to your Xxxx XXX will be treated as a distribution for income tax purposes, and is includible in your gross income (except for any nondeductible contributions). Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a Traditional IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent 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 Traditional IRA.

  • Rollover of XXX Xxxx If you receive a refund of eligible retirement plan assets that had been wrongfully levied, you may roll over the amount returned up until your tax return due date (not including extensions) for the year in which the money was returned.

  • Accrual Rate of Sick Leave With Pay Credits Full-time employees shall accrue eight (8) hours of sick leave with pay credits for each full month worked. Employees who work less than the full month but at least thirty-two (32) hours during the month shall accrue sick leave with pay on a pro rata basis for the month.

  • Contractor’s Xxxxxxxx to City Compensation. The Contractor shall send invoices to the City on a monthly or bi-monthly basis for the amounts to be paid pursuant to this contract. Each invoice shall document, to the reasonable satisfaction of the City: such information as may be reasonably requested by the City. Within 60 days after the City receives an invoice, the City shall send the Contractor a check in payment for all undisputed amounts contained in the invoice.

  • When Must Distributions from a Xxxx XXX Begin Unlike Traditional IRAs, there is no requirement that you begin distribution of your account during your lifetime at any particular age.

  • Exclusive Benefit The foregoing conditions are for the exclusive benefit of the Purchaser and any such condition may be waived in whole or in part by the Purchaser delivering to the Vendor a written waiver to that effect signed by the Purchaser.

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