Common use of TRADITIONAL IRA INCOME TAX DEDUCTION Clause in Contracts

TRADITIONAL IRA INCOME TAX DEDUCTION. Your contribution to a traditional IRA may be deductible on your federal income tax return. However, there is a phase-out of the IRA deduction if you are an active participant in an employer-sponsored retirement plan. The IRA deduction is reduced proportionately as modified adjusted gross income increases. If you are not an active participant in an employer-sponsored retirement plan, there is a phase-out of the IRA deduction if you’re married based on whether or not your spouse is covered by a workplace retirement plan. Please consult IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) for assistance in calculating your deductible contribution as it pertains to individual income and employer-sponsored retirement plan circumstances. Your contribution in excess of the permitted deduction will be considered a non-deductible contribution. TAX YEAR 2022 Full deduction if modified AGI is: Partial deduction if modified AGI is: No deduction if modified AGI is: Single Filers or Head of Household $68,000 or less More than $68,000 but less than $78,000 $78,000 or more Married - filing jointly or Qualified Widow(er) $109,000 or less More than $109,000 but less than $129,000 $129,000 or more Married - filing separately N/A Less than $10,000 $10,000 or more

TRADITIONAL IRA INCOME TAX DEDUCTION. Your contribution to a traditional IRA may be deductible on your federal income tax return. However, there is a phase-out of the IRA deduction if you are an active participant in an employer-sponsored retirement plan. The IRA deduction is reduced proportionately as modified adjusted gross income increases. If you are not an active participant in an employer-sponsored retirement plan, there is a phase-out of the IRA deduction if you’re married based on whether or not your spouse is covered by a workplace retirement plan. Please consult IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) for assistance in calculating your deductible contribution as it pertains to individual income and employer-sponsored retirement plan circumstances. Your contribution in excess of the permitted deduction will be considered a non-deductible contribution. TAX YEAR 2022 Full deduction if modified AGI is: Partial deduction if modified AGI is: No deduction if modified AGI is: Single Filers or Head of Household $68,000 77,000 or less More than $68,000 77,000 but less than $78,000 87,000 $78,000 87,000 or more Married - filing jointly or Qualified Widow(er) $109,000 123,000 or less More than $109,000 123,000 but less than $129,000 143,000 $129,000 143,000 or more Married - filing separately N/A Less than $10,000 $10,000 or more

TRADITIONAL IRA INCOME TAX DEDUCTION. Your contribution to a traditional IRA may be deductible on your federal income tax return. However, there is a phase-out of the IRA deduction if you are an active participant in an employer-sponsored retirement plan. The IRA deduction is reduced proportionately as modified adjusted gross income increases. If you are not an active participant in an employer-sponsored retirement plan, there is a phase-out of the IRA deduction if you’re married based on whether or not your spouse is covered by a workplace retirement plan. Please consult IRS Publication 590-A, A Contributions to Individual Retirement Arrangements (IRAs) for assistance in calculating your deductible contribution as it pertains to individual income and employer-sponsored retirement plan circumstances. Your contribution in excess of the permitted deduction will be considered a non-deductible contribution. TAX YEAR 2022 2021 Full deduction if modified AGI is: Partial deduction if modified AGI is: No deduction if modified AGI is: Single Filers or Head of Household $68,000 66,000 or less More than $68,000 66,000 but less than $78,000 76,000 $78,000 76,000 or more Married - filing jointly or Qualified Widow(er) $109,000 105,000 or less More than $109,000 105,000 but less than $129,000 125,000 $129,000 125,000 or more Married - filing separately N/A Less than $10,000 $10,000 or more

TRADITIONAL IRA INCOME TAX DEDUCTION. Your contribution to a traditional IRA may be deductible on your federal income tax return. However, there is a phase-out of the IRA deduction if you are an active participant in an employer-sponsored retirement plan. The IRA deduction is reduced proportionately as modified adjusted gross income increases. If you are not an active participant in an employer-sponsored retirement plan, there is a phase-out of the IRA deduction if you’re married based on whether or not your spouse is covered by a workplace retirement plan. Please consult IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) for assistance in calculating your deductible contribution as it pertains to individual income and employer-sponsored retirement plan circumstances. Your contribution in excess of the permitted deduction will be considered a non-deductible contribution. TAX YEAR 2022 Full deduction if modified AGI is: Partial deduction if modified AGI is: No deduction if modified AGI is: Single Filers or Head of Household $68,000 or less More than $68,000 but less than $78,000 $78,000 or more Married - filing jointly or Qualified Widow(er) $109,000 or less More than $109,000 but less than $129,000 $129,000 or more Married - filing separately N/A Less than $10,000 $10,000 or more

TRADITIONAL IRA INCOME TAX DEDUCTION. Your contribution to a traditional IRA may be deductible on your federal income tax return. However, there is a phase-out of the IRA deduction if you are an active participant in an employer-sponsored retirement plan. The IRA deduction is reduced proportionately as modified adjusted gross income increases. If you are not an active participant in an employer-sponsored retirement plan, there is a phase-out of the IRA deduction if you’re married based on whether or not your spouse is covered by a workplace retirement plan. Please consult IRS Publication 590-A, A Contributions to Individual Retirement Arrangements (IRAs) for assistance in calculating your deductible contribution as it pertains to individual income and employer-sponsored retirement plan circumstances. Your contribution in excess of the permitted deduction will be considered a non-deductible contribution. DEDUCTION LIMIT - Effect of Modified AGI on Deduction – Covered by a Retirement Plan at Work TAX YEAR 2022 2021 Full deduction if modified AGI is: Partial deduction if modified AGI is: No deduction if modified AGI is: Single Filers or Head of Household $68,000 66,000 or less More than $68,000 66,000 but less than $78,000 76,000 $78,000 76,000 or more Married - filing jointly or Qualified Widow(er) $109,000 105,000 or less More than $109,000 105,000 but less than $129,000 125,000 $129,000 125,000 or more Married - filing separately N/A Less than $10,000 $10,000 or more