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

Traditional XXX and Xxxx XXX Recharacterizations. You may recharacterize, or choose to treat all or a portion of your regular (including catch-up) traditional XXX contribution as a regular Xxxx XXX contribution. Similarly, you may recharacterize all or a portion of your regular (including catch-up) Xxxx XXX contribution as a regular traditional XXX contribution. You may cancel a conversion through a recharacterization of all or a portion of the amount converted from a traditional XXX to a Xxxx XXX. You may also recharacterize the amount rolled or directly rolled over to a Xxxx XXX from an eligible retirement plan, or other recharacterization, as provided by law. A recharacterization election is irrevocable. You must complete a recharacterization no later than your federal income tax filing due date, including extensions, for the year you make the initial contribution. If you timely file your federal income tax return, you may still recharacterize as late as October 15 for calendar year filers. Recharacterizations must occur by transfer, which means that the assets, adjusted for gains and losses on the recharacterized amount, must be transferred into another XXX. The recharacterized contribution is treated as though you deposited it into the second XXX on the same day you actually deposited it in the first XXX. Recharacterization transactions are reported to the IRS. The election to recharacterize may be completed on your behalf after your death. A written notice of recharacterization, as defined in Treasury Regulation 1.408A-5, Q&A 6(a) is required for recharacterization transactions.

Traditional XXX and Xxxx XXX Recharacterizations. You may recharacterize, or choose to treat all or a portion of your regular (including catch-up) traditional XXX contribution as a regular Xxxx XXX contribution. Similarly, you may recharacterize all or a portion of your regular (including catch-up) Xxxx XXX contribution as a regular traditional XXX contribution. You may cancel a conversion through a recharacterization of all or a portion of the amount converted from a traditional XXX to a Xxxx XXX. You may also recharacterize the amount rolled or directly rolled over to a Xxxx XXX from an eligible retirement plan, or other recharacterization, as provided by law. A recharacterization election is irrevocable. You must complete a recharacterization no later than your federal income tax tax-filing due date, including extensions, for the year you make the initial contribution. If you timely file your federal income tax return, you may still recharacterize your contribution as late as October 15 for calendar year filers. Recharacterizations must occur by transfer, which means that the assets, adjusted for gains and losses on the recharacterized amount, must be transferred into another XXX. The recharacterized contribution is treated as though you deposited it into the second XXX on the same day you actually deposited it in the first XXX. Recharacterization transactions are reported to the IRS. The election to recharacterize may be completed on your behalf after your death. A written notice of recharacterization, as defined in Treasury Regulation 1.408A-5, Q&A 6(a) recharacterization is required for recharacterization transactions. Movement of Other Assets to Xxxx IRAs. 1. Conversions from SIMPLE IRAs. You may not convert assets from a SIMPLE XXX to a Xxxx XXX until two years have passed since the date on which you first participated in an employer's SIMPLE XXX plan, which is the initial contribution date. If you participated in SIMPLE XXX plans of different employers, the initial contribution date and two-year period are determined separately for SIMPLE XXX assets from each employer.