Xxxx IRAs. Xxxx IRAs may be obtained through the use of direct deposit through financial institutions as found in Section 9 above. Article 30, Section 5.B.1.
Xxxx IRAs. Enrollment and changes may be made only during the months of September and January. A minimum of five teachers must sign up in order to initiate each Xxxx XXX provider. A teacher may terminate an annuity program at any time. A signed deduction authorization must be received by the Treasurer's Office before deductions can begin. A teacher may terminate a Xxxx XXX deduction at any time.
Xxxx IRAs. A contract that is pur- chased under a Xxxx XXX is not treated as a contract that is intended to be a QLAC for purposes of applying the dol- lar and percentage limitation rules in paragraphs (b)(2)(ii)(B) and (b)(3)(ii)(B) of this A–12. See A–14(d) of § 1.408A–6. If a QLAC is purchased or held under a plan, annuity, account, or traditional IRA, and that contract is later rolled over or converted to a Xxxx XXX, the contract is not treated as a contract that is intended to be a QLAC after the date of the rollover or conversion. Thus, premiums paid with respect to the contract will not be taken into ac- count under paragraph (b)(2)(ii)(B) or 26 CFR Ch. I (4–1–17 Edition) paragraph (b)(3)(ii)(B) of this A–12 after the date of the rollover or conversion.
Xxxx IRAs. General Provisions: There are no required minimum distributions during your life. Upon your death, your Beneficiary(ies) will be required to take certain mandatory distributions, often referred to as “Required Minimum Beneficiary Distributions” or “RMBDs.” The amount and timing of these distributions will depend primarily upon your choice of Beneficiary (for example, if your spouse is your sole Beneficiary, he or she can treat the IRA as his or her own). The minimum distribution rules applicable to Xxxx IRAs upon the death of a Participant are the same as the minimum distribution rules that apply to Traditional IRA and SIMPLE IRA Beneficiaries when a Participant dies before his or her Required Beginning Date (April 1 of the year following the year the Depositor attains age 72 (70½ if born before July 1, 1949).) Due to the complexity of these rules, your Beneficiaries, upon your death, are encouraged to consult their tax advisors or attorneys for additional guidance on how to apply these rules.
Xxxx IRAs. Xxxx IRA’s may be obtained through the use of direct deposit through financial institutions as found in Section 2.4, supra.
Xxxx IRAs. Benefits attributable to contributions made to a Xxxx XXX may be paid before you reach age 591/2 without penalty, with the exception of conversion contributions. Conversion contribu- tions are subject to a penalty tax under Code section 72(t) if they are paid prior to the expiration of a five-year holding period under Code section 408A(d)(3)(F) as though they were includ- able in income. This holding period begins on the first day of the Year in which the conversion contribution is made. Benefits attributable to earnings on contributions to Xxxx IRAs are subject to a penalty tax under Code section 72(t) if paid to you before age 591/2 unless they are paid as a qualified distribu- tion under Code section 408A(d). A qualified distribution is a payment of Benefits made after the 5-year period beginning with the first Year for which you (or your spouse) made a contribution to a Xxxx XXX established for your benefit which is paid (i) after your disability or death, or (ii) for a qualified first-time home- buyer distribution (up to $10,000). The exceptions to Code section 72(t) listed in (a) above also apply to non-qualified distributions of earnings from a Xxxx XXX and to distributions of conversion contributions prior to the expi- ration of the 5-year holding period.
Xxxx IRAs. Definition: The term “
Xxxx IRAs. Effective February 1, 2001, the District shall make available through payroll deduction Xxxx IRA’s to all bargaining unit members.
Xxxx IRAs. General Provisions: You may take distributions at any time from your Xxxx XXX. Certain minimum distributions are required to be made to your Beneficiary(ies) upon your death although no minimum distributions are required to be made to you while you are living. (See the section entitled “Required Minimum Beneficiary Distributions” appearing later in this Disclosure Statement for more information.)
Xxxx IRAs. In general, the same limits that apply to contributions to Traditional IRAs also apply to Xxxx IRAs, with the following differences. First, you can make a contribution to a Xxxx XXX even after you have attained the age of 70-1/2. Second, only a taxpayer whose adjusted gross income is below certain levels is eligible to contribute to a Xxxx XXX. A single taxpayer can make a full $2,000 contribution in a year if his adjusted gross income is not more than $95,000. Married taxpayers who file a joint return can make a full $4,000 contribution if their combined adjusted gross income is not more than $150,000. Partial contributions are permitted for a single taxpayer whose adjusted gross income is between $95,000 and $110,000, or for married taxpayers who file a joint return and whose adjusted gross income is between $150,000 and $160,000. A married taxpayer who files an individual return can make a partial contribution if his/her adjusted taxable income is less than $10,000. These partial contributions are calculated in the same manner as the limitation on the deductibility of contributions to a Traditional IRA, including the adjustments to adjusted gross income, as described under Contributions N Deductible Contributions on page 5. A single $2,000 limit ($4,000 for married taxpayers filing joint returns) applies to contributions to both Traditional IRAs and Xxxx IRAs. Thus, a single taxpayer who is otherwise eligible to contribute to both a Traditional IRA and a Xxxx XXX can contribute a total of $2,000, which he or she can divide between the Traditional and the Xxxx XXX in any manner. A married couple filing a joint return can similarly divide their maximum $4,000 total contribution between Traditional and Xxxx IRAs. These rules apply regardless of whether the contributions to the Traditional IRA are deductible. If you make a contribution to either a Traditional IRA or a Xxxx XXX for a year, you may transfer the contribution, including all income, to the other type of IRA prior to the due date for your tax return, in which case the contribution will be treated as if you had made it directly to the transferee IRA. For this purpose, the due date of your tax return includes any extension of time, even though extensions are not included for purposes of making the original contribution.
