Common use of Traditional IRA and Xxxx XXX Recharacterizations Clause in Contracts

Traditional IRA and Xxxx XXX Recharacterizations. You may you are not an eligible individual for the entire testing period, unless recharacterize, or choose to treat all or a portion of your regular you die or become disabled, the amount of the distribution made (including catch-up) traditional IRA contribution as a regular Xxxx under this provision will be includable in gross income for the tax IRA contribution. Similarly, you may recharacterize your regular year of the month you are not an eligible individual, and is subject (including catch-up) Xxxx XXX contribution as a regular traditional to a 10 percent penalty tax.