XXXX CONVERSIONS. You may convert a traditional, SEP, or SIMPLE (after the required two year holding period) IRA into a Xxxx XXX. You may not convert any portion of a required minimum distribution (RMD). If a distribution is converted from a traditional IRA and is deposited to your Xxxx XXX within 60 calendar days, the amount of the conversion distribution will be taxed as ordinary income, except any amount which represents the return of non-deductible contributions is not taxed. The IRS enforces the 60-day time limit strictly. The 10% penalty for early distributions will not apply to the amount converted if held in your Xxxx XXX for at least five years and certain other criteria are met. See the section titled “Taxation of Xxxx XXX Distributions”. Your traditional IRA may be converted to a Xxxx XXX by means of an in-house direct transfer (within the same financial institution) or as a direct transfer between two different financial institutions. A conversion is reported as a distribution from your traditional IRA (IRS Form 1099-R) and a conversion contribution to your Xxxx XXX (IRS Form 5498). The rules regarding conversions to Xxxx IRAs are complex and you should consult a professional tax advisor prior to a conversion.
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Samples: assets-global.website-files.com, assets-global.website-files.com, assets-global.website-files.com
XXXX CONVERSIONS. You may convert a traditional, SEP, or SIMPLE (after the required two year holding period) IRA into a Xxxx XXX. You may not convert any portion of a required minimum distribution (RMD). If a distribution is converted from a traditional IRA and is deposited to your Xxxx XXX within 60 calendar daysdays of receipt, the amount of the conversion distribution will be taxed as ordinary income, except any amount which represents the return of non-deductible contributions is not taxed. The IRS enforces the 60-day time limit strictly. The 10% penalty for early distributions will not apply to the amount converted if held in your Xxxx XXX for at least five years and certain other criteria are met. See the section titled “Taxation of Xxxx XXX Distributions”. Your traditional IRA may be converted to a Xxxx XXX by means of an in-house direct transfer (within the same financial institution) or as a direct transfer between two different financial institutions. A conversion is reported as a distribution from your traditional IRA (IRS Form 1099-R) and a conversion contribution to your Xxxx XXX (IRS Form 5498). The rules regarding conversions to Xxxx IRAs are complex and you should consult a professional tax advisor prior to a conversion.
Appears in 4 contracts
Samples: Adoption Agreement, assets-global.website-files.com, Adoption Agreement
XXXX CONVERSIONS. You may convert a traditional, SEP, or SIMPLE (after the required two year holding period) IRA into a Xxxx XXX. You may not convert any portion of a required minimum distribution (RMD). If a distribution is converted from a traditional IRA and is deposited to your Xxxx XXX within 60 calendar days, the amount of the conversion distribution will be taxed as ordinary income, except any amount which represents the return of non-deductible contributions is not taxed. The IRS enforces the 60-day time limit strictly. The 10% penalty for early distributions will not apply to the amount converted if held in your Xxxx XXX for at least five years and certain other criteria are met. See the section titled “Taxation of Xxxx XXX Distributions”. Your traditional IRA may be converted to a Xxxx XXX by means of an in-house direct transfer (within the same financial institution) or as a direct transfer between two different financial institutions. A conversion is reported as a distribution from your traditional IRA (IRS Form 1099-R) and a conversion contribution to your Xxxx XXX (IRS Form 5498). The rules regarding conversions to Xxxx IRAs are complex and you should consult a tax professional tax advisor prior to a conversion.
Appears in 2 contracts
Samples: Ira Application and Adoption Agreement, Ira Application and Adoption Agreement
XXXX CONVERSIONS. You may convert a traditional, SEP, or SIMPLE (after the required two year holding period) IRA into a Xxxx XXX. You may not convert any portion of a required minimum distribution (RMD). If a distribution is converted from a traditional IRA and is deposited to your Xxxx XXX within 60 calendar days, the amount of the conversion distribution will be taxed as ordinary income, except any amount which represents the return of non-non- deductible contributions is not taxed. The IRS enforces the 60-day time limit strictly. The 10% penalty for early distributions will not apply to the amount converted if held in your Xxxx XXX for at least five years and certain other criteria are met. See the section titled “Taxation of Xxxx XXX Distributions”. Your traditional IRA may be converted to a Xxxx XXX by means of an in-house direct transfer (within the same financial institution) or as a direct transfer between two different financial institutions. A conversion is reported as a distribution from your traditional IRA (IRS Form 1099-R) and a conversion contribution to your Xxxx XXX (IRS Form 5498). The rules regarding conversions to Xxxx IRAs are complex and you should consult a tax professional tax advisor prior to a conversion.
Appears in 1 contract
XXXX CONVERSIONS. You may convert a traditional, SEP, or SIMPLE (after the required two two-year holding period) IRA into a Xxxx XXX. You may not convert any portion of a required minimum distribution (RMD). If a distribution is converted from a traditional IRA and is deposited to your Xxxx XXX within 60 calendar days, the amount of the conversion distribution will be taxed as ordinary income, except any amount which represents the return of non-non- deductible contributions is not taxed. The IRS enforces the 60-day time limit strictly. The 10% penalty for early distributions will not apply to the amount converted if held in your Xxxx XXX for at least five years and certain other criteria are met. See the section titled “Taxation of Xxxx XXX Distributions”. Your traditional IRA may be converted to a Xxxx XXX by means of an in-house direct transfer (within the same financial institution) or as a direct transfer between two different financial institutions. A conversion is reported as a distribution from your traditional IRA (IRS Form 1099-R) and a conversion contribution to your Xxxx XXX (IRS Form 5498). The rules regarding conversions to Xxxx IRAs are complex and you should consult a tax professional tax advisor prior to a conversion.
Appears in 1 contract
Samples: Custodial Account Agreement