Xxxxxxxx Contributions. ¨ 1. The Plan does not accept Rollover Contributions.
Xxxxxxxx Contributions. [ ] 1. The Plan does not accept Rollover Contributions. [x] 2. Rollover Contributions may be made: [ ] a. after meeting the eligibility requirements for participation in the Plan. [x] b. prior to meeting the eligibility requirements for participation in the Plan.
Xxxxxxxx Contributions. 1. There is no minimum contribution required to open an HSA. Except as provided in the HSA Documentation, there is no minimum balance requirement. However, if you open an HSA that remains dormant, with a balance of under $1 dollar (or such other minimum amount established by us from time to time), we reserve the right to close the HSA.
Xxxxxxxx Contributions. Contributions to the cost of health insurance for employees hired by the County before June 26, 1996, whether or not the employee has or is eligible for health insurance coverage, will be determined as follows:
Xxxxxxxx Contributions. D1. What is a rollover contribution? A rollover contribution is a deposit to your SIMPLE IRA of funds you receive as a qualified distribution from another SIMPLE IRA. To be a qualified distribution, amounts rolled over from one SIMPLE IRA to another SIMPLE IRA must not have been rolled over in the previous twelve months. A rollover contribution allows you to continue deferring income tax on the amount you roll over and its subsequent earnings. A rollover is often complex and we suggest you seek professional tax advice before receiving and rolling over a distribution.
Xxxxxxxx Contributions. D1. Is a distribution from an ESA taxable if the distribution is contributed to another ESA? If certain requirements are met, an amount distributed from an ESA and rolled over to another ESA for the benefit of the same Designated Beneficiary or a certain member of the Designated Beneficiary's family who is under age 30 (or who is a Special Needs Beneficiary) is not taxable. Members of the Designated Beneficiary's family eligible for the tax-free rollovers include the Designated Beneficiary's spouse and the following individuals (and their spouses): • The Designated Beneficiary's child, grandchild, or stepchild; • A brother, sister, half-brother, half-sister, stepbrother, or stepsister of the Designated Beneficiary; • The father, mother, grandfather, grandmother, stepfather, or stepmother of the Designated Beneficiary; • A brother or sister of the Designated Beneficiary's father or mother; • A son or daughter of the Designated Beneficiary's brother or sister; • A son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law of the Designated Beneficiary; and • A first cousin (but not his or her spouse). The annual contribution limit to ESAs do not apply to these rollover contributions. For example, an older brother who has $12,000 left in his ESA after he graduates from college can roll over the full $12,000 balance to an ESA for his younger sister who is still in high school without paying any tax on the transfer. Amounts may be rolled over from the ESA to another ESA as long as those amounts have not been rolled over in the previous twelve months. A rollover is often complex and we suggest seeking professional tax advice before receiving and rolling over a distribution.
