Common use of Traditional IRA-to-Xxxx XXX Conversions Clause in Contracts

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 age 70½ or older you must remove your required minimum distribution before converting your Traditional IRA.

Appears in 28 contracts

Samples: Ira Kit Agreement, Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement

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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 early distribution penalty tax. If you are age 70½ or older older, you must remove your required minimum distribution before converting your Traditional IRA.

Appears in 19 contracts

Samples: Roth Ira Account Application & Agreement, Customer Account Agreement, Roth Ira Account Application & Agreement

Traditional IRA-to-Xxxx XXX Conversions. If you convert to a Xxxx XXX, the amount of the conversion from your Traditional Tradi- tional 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 early distribution penalty tax. If you are age 70½ or older older, you must remove your required minimum distribution before converting your Traditional IRA.

Appears in 2 contracts

Samples: Wealth Management Agreement, Account Agreement

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 age 70½ or older older, you must remove your required minimum distribution distribu- tion before converting your Traditional IRA.

Appears in 2 contracts

Samples: Account Agreement, Account Agreement

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 age 70½ or older older, you must remove your required minimum distribution before converting your Traditional IRA.

Appears in 1 contract

Samples: Simplified Employee Pension (Sep) Contribution Agreement

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 Tra- ditional IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are age 70½ or older older, you must remove your required minimum distribution before converting your Traditional IRA.

Appears in 1 contract

Samples: Account Agreement

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Traditional IRA-to-Xxxx XXX Conversions. If you convert to a Xxxx XXX, the amount of the conversion from your Traditional Tradi- tional 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 con- versions 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 age 70½ or older older, you must remove your required minimum distribution before converting your Traditional IRA.

Appears in 1 contract

Samples: Wealth Management Agreement

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 age 70½ 72 or older older, you must remove your required minimum distribution before converting your Traditional IRA.

Appears in 1 contract

Samples: Simplified Employee Pension (Sep) Individual Retirement Accounts Contribution Agreement

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 age 70½ 701⁄2 or older you must remove your required minimum distribution before converting your Traditional IRA.

Appears in 1 contract

Samples: Individual Retirement Custodial Account Agreement

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