Taxation of Distributions. The taxation of IRA distributions depends on whether or not you have ever made nondeductible IRA contributions. If you have only made deductible contributions, all IRA distribution amounts will be included in income. If you have ever made nondeductible contributions to any IRA, the following formula must be used to determine the amount of any IRA distribution excluded from income. (Aggregate Nondeductible Contributions) x (Amount Withdrawn) income from Guam, America Samoa, North Mariana Islands, and Puerto Rico. AGI limits are subject to cost-of-living adjustments each year. Aggregate IRA Balance = Amount Excluded From Income
Appears in 6 contracts
Samples: Individual Retirement Account Custodial Agreement, Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement
Taxation of Distributions. The taxation of IRA distributions depends on whether or not you have ever made nondeductible IRA contributions. If you have only made deductible contributions, all IRA distribution amounts will be included in income. If you have ever made nondeductible contributions to any IRA, the following formula must be used to determine the amount of any IRA distribution excluded from income. (Aggregate Nondeductible Contributions) x (Amount Withdrawn) income from Guam, America Samoa, North Mariana Islands, and Puerto Rico. AGI limits are subject to cost-of-living adjustments each year. Aggregate IRA Balance = Amount Excluded From Income
Appears in 4 contracts
Samples: Traditional Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement
Taxation of Distributions. The taxation of IRA distributions depends on whether or not you have ever made nondeductible IRA contributions. If you have only made deductible contributions, all IRA distribution amounts will be included in income. If you have ever made nondeductible contributions to any IRA, the following formula must be used to determine the amount of any IRA distribution excluded from income. (Aggregate Nondeductible Contributions) x (Amount Withdrawn) income from Guam, America Samoa, North Mariana Islands, and Puerto Rico. AGI limits are subject to cost-of-living cost‐of‐living adjustments each year. Aggregate IRA Balance = Amount Excluded From Income
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