Xxxx XXX Contributions Sample Clauses

Xxxx XXX Contributions. (a) Except in the case of a Qualified Rollover Contribution or a recharacterization [as defined in (f) below], no contribution will be accepted unless it is in cash and the total of such contribution to all the Individual’s Xxxx IRAs for a taxable year does not exceed the Maximum Permissible Amount described at paragraph 19.9. (b) When determining the Maximum Permissible Amount, the applicable amount is determined under (i) or (ii) below: (i) If the Individual is under age fifty (50), the applicable amount is $3,000 for any Taxable Year beginning in 2002 through 2004, $4,000 for any Taxable Year beginning in 2005 through 2007, and $5,000 for any Taxable Year beginning in 2008 and years thereafter. (ii) If the Individual is age fifty (50) or older, the applicable amount is $3,500 for any Taxable Year beginning in 2002 through 2004, $4,500 for any Taxable Year beginning in 2005, $5,000 for any Taxable Year beginning in 2006 through 2007, and $6,000 for any Taxable Year beginning in 2008 and years thereafter. (c) If (i) and/or (ii) below apply, the maximum Regular Contribution that can be made to all the Individuals’ Xxxx IRAs for a Taxable Year is the smaller amount determined under (i) or (ii). (i) The maximum Regular Contribution is phased out ratably between certain levels of modified Adjusted Gross Income (“Modified AGI,”) in accordance with the following table: Single or Head of Household $95,0000 or less Between $95,000 and $110,000 $110,000 or more Joint Return Or Qualifying Widow(er) $150,000 or less Between $150,000 and $160,000 $160,000 or more Married-Separate Return $0 Between $0 and $10,000 $10,000 or more If the Individual’s Modified AGI for a Taxable Year is in the phase-out range, the maximum Regular Contribution determined under this table for that Taxable Year is rounded up to the next multiple of $10 and is not reduced below $200. (ii) If the Individual makes Regular Contributions to both Xxxx and non-Xxxx IRAs for a Taxable Year, the maximum Regular Contribution that can be made to all the Individual’s Xxxx IRAs for the Taxable Year is reduced by the Regular Contributions made to the Individual’s non-Xxxx IRAs for the Taxable Year. (d) A rollover from a non-Xxxx XXX cannot be made to this IRA if, for the Taxable Year the amount is distributed from the non-Xxxx XXX (i) the Individual is married and files a separate return, (ii) the Individual is not married and has Modified AGI in excess of $100,000 or (iii) the Individual is married and t...
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Xxxx XXX Contributions. (a) Except in the case of a Qualified Rollover Contribution or a recharacterization [as defined in (f) below], no contribution will be accepted unless it is in cash and the total of such contribution to all the Individual’s Xxxx IRAs for a taxable year does not exceed the Maximum Permissible Amount described at paragraph 19.9. (b) When determining the Maximum Permissible Amount, the applicable amount is determined under (i) or (ii) below:
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Xxxx XXX Contributions. “Catch up” contributions as defined by the IRS for participants over 50 years of age.
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Xxxx XXX Contributions. If you are not able to deduct a regular contribution to a traditional XXX, you may be able to make a regular contribution to a Xxxx XXX
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Xxxx XXX Contributions. The total amount you may contribute to a Xxxx XXX for any taxable year cannot exceed the lesser of 100% of your compensation or $700 for 2019, subject to annually cost‐of‐ living adjustments as provided under Code §415. If you also maintain a Traditional IRA (i.e., an IRA subject to the limits of Internal Revenue Code (Code) sections 408(a) or 408(b)), the maximum contribution to your Xxxx IRAs is reduced by any contributions you make to your Traditional IRA. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100% of your compensation. Your Xxxx XXX contribution is further limited if your modified adjusted gross income (MAGI) equals or exceeds the maximum limits shown in the chart below. Tax Filing Status 2019 MAGI is Allowed Deduction Single or head of household $64,000 or less A full deduction up to the amount of your contribution limit. More than $64,000 but less than $74,000 A partial deduction $74,000 or more No deduction Married filing jointly or qualifying widow(er) 103,000 or less A full deduction up to the amount of your contribution limit. Greater than $103,000 but less than $123,000 A partial deduction $123,000 or more No deduction Married filing separately Less than $10,000 A partial deduction $10,000 or more No deduction If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the “single” filing status. If your earned income is somewhere between $122,000 and $203,000, your 2019 Xxxx XXX contribution limit phases out. Your contribution limit simply phases out on a percentage basis depending on where your income level falls. If you are not already contributing to an employer or work‐related retirement plan the MAGI that applies to each filing status is provided in the following chart: Single, head of household, or qualifying Any amount A full deduction up to the amount of your contribution limit. widow(er) Married filing Any amount A full deduction up to the jointly or amount of your contribution separately with a limit. spouse who is not covered by a plan at work Married filing jointly with a spouse who is covered by a plan at work $193,000 or less A full deduction up to the amount of your contribution limit. More than $193,000 but less than $203,000 A partial deduction $203,000 or more No deduction Married filing Less than $10,000 A partial deduction separately with a $10,000 or more No deduct...
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Xxxx XXX Contributions. Generally, you can make cash contributions to a Xxxx XXX up to the lesser of the annual limit, or 100% of your compensation. The annual contribution limit is $6,500 for 2023 and $7,000 for 2024. Thereafter, the limits will be indexed for inflation annually. This limit applies to all of your IRAs (traditional and Xxxx). If you are age 50 or older by the end of a year, you may make special catch-up contributions to your Xxxx XXX for that year. The maximum catch-up contribution is $1,000 per year. Beginning after 2023, the $1,000 catch-up contribution limit for IRA owners age 50 or older will be indexed for inflation. If your modified adjusted gross income (“MAGI”) is above a certain amount, your contribution limit may be reduced or phased out completely. For an individual who is not married, the limit is phased out at a MAGI of $153,000 for 2023 and $161,000 for 2024; for a married individual filing a joint return, the limit is phased out at a MAGI of $228,000 for 2023 and $240,000 for 2024; and for a married individual filing separately, the limit is phased out at a MAGI of $10,000 for 2023 and 2024. For a worksheet for calculating MAGI and the limitations, refer to Internal Revenue Service (“IRS”) Publication 590-A. If you and your spouse file a joint return, both work, and have compensation that is includable in your gross income, each of you can annually contribute to a separate Xxxx XXX up to the lesser of the annual limit or 100% of your total compensation (reduced by Xxxx XXX contributions your spouse makes to their own Xxxx IRAs), subject to the MAGI phase out limits described above. If each of you has at least the annual limit in compensation, each of you may make the maximum contribution to your Xxxx XXX (in other words, $13,000 for 2023 and $14,000 for 2024 for the two Xxxx IRAs). Contributions to a spousal Xxxx XXX need not be equally divided between spouses, but no contribution can exceed the annual limit for either spouse. Contributions to your Xxxx XXX for a tax year must be made on or before the due date (not including extensions) for your federal income tax return for that tax year (April 15 for most individuals).
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Xxxx XXX Contributions. A. Employees shall be permitted to participate in the Xxxx Individual Retirement Account plan(s) administered by the City of Fort Xxxxxxx as provided in the Establishing IGA. Employees shall have the option to contribute a percentage portion of their base salary to the Xxxx XXX Plan, within federal guidelines, and guidelines provided by the plan record keeper. B. Deductions will be made on a bi-weekly basis and deposited into the Employee’s Xxxx XXX account. C. The Authority, in conjunction with the City of Fort Xxxxxxx as the plan administrator, may make changes in the plan from time to time, and will meet and confer with the Union to discuss such actions prior to implementing any such changes.
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Xxxx XXX Contributions. In general, anyone who has earned compensation, with an Adjusted Gross Income that does not exceed the limits noted below, can contribute up to the annual contribution limit* or 100% of compensation, whichever is less, per tax year to a Xxxx XXX. • There is no age limit for making contributions; individuals may make contributions after reaching age 70½. • Contributions can be made to both a Traditional IRA and a Xxxx XXX, but the combined total contribution to an individual’s Traditional and Xxxx IRAs cannot exceed the annual contribution limit* or 100% of compensation per tax year, whichever is less. • A spouse can also contribute up to the maximum contribution limit* to a Xxxx XXX (Spousal IRA) per tax year as long as he or she files a joint federal income tax return and the couple’s combined AGI does not exceed the limits below. • A married individual who files a separate federal income tax return can contribute to a Xxxx XXX if his/her AGI is less than $10,000. (Married individuals who file separately and live apart for the entire tax year are treated as individuals for determining eligibility to contribute or convert to a Xxxx XXX.) Full contribution limit* Less than $117,000 Less than $118,000 Partial contribution** At least $117,000 and less than $133,000 At least $118,000 and less than $133,000 Not eligible to make a Xxxx XXX contribution $132,000 or more $133,000 or more Full contribution limit* Less than $184,000 Less than $186,000 Partial contribution** At least $184,000 and less than $194,000 At least $186,000 and less than $196,000 Not eligible to make a Xxxx XXX contribution $194,000 or more $196,000 or more * Refer to IRA Contribution Limits on page 1 for your annual contribution limit. ** Consult your tax advisor to determine the specific amount.
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Related to Xxxx XXX Contributions

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • User Contributions The Website may contain message boards, chat rooms, personal web pages or profiles, forums, bulletin boards, and other interactive features (collectively, "Interactive Services") that allow users to post, submit, publish, display, or transmit to other users or other persons (hereinafter, "post") content or materials (collectively, "User Contributions") on or through the Website. All User Contributions must comply with these Terms of Use. Any User Contribution you post to the site will be considered non-confidential and non- proprietary. By providing any User Contribution on the Website, you grant us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns the right to use, reproduce, modify, perform, display, distribute, and otherwise disclose to third parties any such material. You represent and warrant that: • You own or control all rights in and to the User Contributions and have the right to grant the license granted above to us and our affiliates and service providers, and each of their and our respective licensees, successors, and assigns. • All of your User Contributions do and will comply with these Terms of Use. You understand and acknowledge that you are responsible for any User Contributions you submit or contribute, and you, not the Company, have full responsibility for such content, including its legality, reliability, accuracy, and appropriateness. We are not responsible or liable to any third party for the content or accuracy of any User Contributions posted by you or any other user of the Website.

  • When Must Distributions from a Xxxx XXX Begin Unlike Traditional IRAs, there is no requirement that you begin distribution of your account during your lifetime at any particular age.

  • Annual Contributions □ Check enclosed in the amount of $ representing current contribution for tax year 20 .

  • Initial Contributions The Members initially shall contribute to the Company capital as described in Schedule 2 attached to this Agreement.

  • Campaign Contributions The CONTRACTOR is hereby notified of the applicability of 11-355, HRS, which states that campaign contributions are prohibited from specified state or county government contractors during the terms of their contracts if the contractors are paid with funds appropriated by a legislative body.

  • Return of Contributions The General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall be made solely from Partnership assets.

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

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