Inherited IRAs definition

Inherited IRAs. An inherited XXX is an XXX which is acquired by a Beneficiary who is not your spouse on your death. Such a Beneficiary cannot make cash or rollover contributions to that XXX or treat it as his or her own. Withdrawal Restrictions. A taxable distribution before age 59 1/2 will be included in your gross income and will be subject to a nondeductible 10% tax penalty, any early withdrawal penalties on time deposits and other penalties required or permitted by law. There is no 10% tax penalty for distributions made because of death, permanent disability, rollovers or timely removal of an excess contribution or for distributions made in the form of substantially equal periodic payments over your life expectancy (or the joint life expectancies of you and your Beneficiary).
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Inherited IRAs. Some states prohibit an inherited IRA owner from naming a subsequent beneficiary. You should check with your state’s tax authority.
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Inherited IRAs. __IRA __Roth IRA __SEP IRA Qualified IRA's: __IRA __Roth IRA __SEP IRA __Roth Conversion New Roth or IRX xontributxxx for tax year____ Qualified Plans: __403(x)(90-20 xransfer) __401 __401 One Person Defined Benefit -------------------------------------------------------------------------------- 4. REPLACEMENT -------------------------------------------------------------------------------- This section must be completed. Do you have existing life insurance or annuity contracts? __YES* __No If yes, will the annuity contract applied for replace or change existing contracts or policies? __YES* __No If yes, the Registered Representative must answer the replacement question in section 11 of this application. *Please include the appropriate forms for NAIC Model Regulation states. F40269 (1-06) -------------------------------------------------------------------------------- 5. INCOME BENEFIT OPTION -------------------------------------------------------------------------------- YOU MUST SELECT whether to receive the PRIME Plus Benefit or not. NOTE: If the PRIME Plus Benefit is selected, then $25,000 initial minimum Purchase Payment is required. To receive the PRIME Plus Benefit you must check the following box: __PRIME Plus Benefit (Available to owners age [79] or younger at time of selection at additional cost.) BY SELECTING THE PRIME PLUS BENEFIT, I CONSENT THAT ALLIANZ LIFE MAY REALLOCATE MY CONTRACT VALUE IN ACCORDANCE WITH THE ASSET ALLOCATION AND TRANSFER PROVISIONS IN THE CONTRACT. If you do not want to receive the PRIME Plus Benefit you must check the following box: __No PRIME Plus Benefit (No additional cost.) -------------------------------------------------------------------------------- 6. DEATH BENEFIT OPTIONS -------------------------------------------------------------------------------- You must choose only ONE of the following Death Benefit Options. Upon making your selection, it cannot be changed. __Traditional Guaranteed Minimum Death Benefit (No additional cost.) __Enhanced Guaranteed Minimum Death Benefit (Optional) (Available to owners age 79 or younger on the Issue Date at additional cost.) __Earnings Protection Guaranteed Minimum Death Benefit (Optional) (Available to owners age 75 or younger on the Issue Date at additional cost.) IF NO SELECTION IS MADE, THE TRADITIONAL GUARANTEED MINIMUM DEATH BENEFIT WILL APPLY. -------------------------------------------------------------------------------- 7. PURCHASE PAYMENT ALLOCATION --------------...
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Examples of Inherited IRAs in a sentence

  • Beneficiary payouts from Inherited IRAs must continue as required by the Code and Regulations.

  • Contributions to Inherited IRAs: Except for employer retirement plan to Inherited IRA rollovers, Inherited IRA to Inherited IRA transfers and certain recharacterized contributions from Inherited Xxxx IRAs, no other contribution types are allowed to be contributed to the Inherited IRA, unless defined as allowable under the Code or regulations.

  • For IRAs (except Inherited IRAs), owner and annuitant should be the IRA owner.

  • Inherited IRAs. If you inherit a SIMPLE IRA from anyone other your deceased spouse, you cannot treat the SIMPLE IRA as your own and you cannot make any contributions to the SIMPLE IRA or roll over any amounts into or out of the inherited SIMPLE IRA.

  • FEDERAL TAX WITHHOLDING ELECTION (applies to all Inherited IRAs including Roth Inherited IRAs)Federal income tax will be withheld at the rate of 10% from any distribution, subject to the IRS withholding rules, unless you elect or have previously elected out of withholding.

  • Contributions to Inherited IRAs: Except for employer retirement plan to Inherited XXX rollovers, Inherited XXX to Inherited XXX transfers and certain recharacterized contributions from Inherited Xxxx IRAs, no other contribution types are allowed to be contributed to the Inherited XXX, unless defined as allowable under the Code or regulations.

  • For this purpose, all of a Depositor’s IRAs, or a Beneficiary’s Inherited IRA inherited from the same Depositor (Xxxx IRAs and Xxxx Inherited IRAs excluded) are treated as a single IRA.

  • Transfer Request (continued) I understand that I am solely responsible for the tax consequences of this transfer, including but not limited to, compliance with the required minimum distribution rules applicable to Inherited IRAs and my qualification as either an EDB or Non-EDB, under the IRC, which determines the length of time I’m eligible to receive the proceeds.

  • FEDERAL TAX WITHHOLDING ELECTION (applies to all Inherited IRAs including Roth Inherited IRAs)Federal income tax will be withheld at the rate of 10% from any distribution, subject to the IRS withholding rules, unless you elect a withholding rate of 0% below or have previously elected out of withholding.

  • The following types of transfers may take place with respect to your Inherited IRA: (1) you may transfer funds to another of your Inherited IRAs (but only from the same decedent); (2) there may be a transfer of your Inherited IRA funds to your spouse or ex-spouse, if pursuant to a court decree or property settlement or (3) there will be a transfer by operation of law from your Inherited IRA to your beneficiary's inherited IRA.


More Definitions of Inherited IRAs

Inherited IRAs. An inherited IRA is an IRA which is acquired bx x Benefixxxry who is not your spouse on your death. Such a Beneficiary cannot make cash or rollover contributions to that IRA or treat it as his or her own. Withdrawal Restrictions. A taxable distribution before age 59 1/2 will be included in your gross income and will be subject to a nondeductible 10% tax penalty, any early withdrawal penalties on time deposits and other penalties required or permitted by law. There is no 10% tax penalty for distributions made because of death, permanent disability, rollovers or timely removal of an excess contribution or for distributions made in the form of substantially equal periodic payments over your life expectancy (or the joint life expectancies of you and your Beneficiary).
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Related to Inherited IRAs

  • Code means the Internal Revenue Code of 1986, as amended.

  • Incentive Stock Option means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

  • IRC means the Internal Revenue Code of 1986, as amended.

  • Treasury Regulations means the regulations of the U.S. Treasury Department issued pursuant to the Code.

  • Safe haven means a readily recognizable and readily accessible site at which security is present or from which, in the event of an emergency, the transport crew can notify and wait for the local law enforcement authorities.

  • Historically Disadvantaged Individual (HDI) means a South African citizen -

  • ISO means an employee incentive stock option described in Section 422(b) of the Code.

  • Minimum Generation Emergency means an Emergency declared by the Office of the Interconnection in which the Office of the Interconnection anticipates requesting one or more generating resources to operate at or below Normal Minimum Generation, in order to manage, alleviate, or end the Emergency.