Common use of Spousal Xxxx IRAs Clause in Contracts

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.

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 XXXIRA. 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 IRA 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 IRA account and must execute the Adoption Agreement establishing the account. Once an XXX IRA is established for a non-working spouse, the spouse, as the owner and “Depositor” of that XXXIRA, becomes subject to all of the privileges, rules and restrictions applicable to IRAs generally.