Xxxx Xxx. If you have “compensation” and your tax filing status and “adjusted gross income” satisfy certain requirements, you may make annual non-deductible contribution(s) of up to the maximum amount allowed under current law to a Xxxx XXX. You may also be able to convert an existing non-Xxxx XXX to your Xxxx XXX, depending on your adjusted gross income. The income earned on the amounts contributed to a Xxxx XXX will not be subject to tax upon distribution, provided certain requirements are met. If you are married and filing a joint tax return with your spouse, your spouse may also make a contribution to a separate Xxxx XXX established for his or her exclusive benefit, even if your spouse had no compensation for that year.
Appears in 4 contracts
Samples: Retirement Account Customer Agreement, Roth Ira Custodial Agreement, Ira Custodial Agreement
