IRS Rules definition

IRS Rules refers to Internal Revenue Code Section 223 and the guidance issued by the IRS with respect to HSAs, which are currently summarized in IRS Publication 969.
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IRS Rules are defined as the minimum distribution rules of Section 401(a)(9) and applicable regulations. IRC Section 401(a)(9) describes minimum distribution requirements for Contract Owners. The following is added to the contract: On the Required Distribution Date, we will waive the Withdrawal Charge on cash withdrawals made to comply with IRS Rules, subject to the following:
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Examples of IRS Rules in a sentence

  • Retirement benefits for the existing Genesee County 401(a) Defined Contribution Plan (DC Plan) are governed by the applicable provisions of the Genesee County Retirement Ordinance and amendments thereto, together with the applicable IRS Rules, Genesee County Board Resolutions, Plan Documents, the rules of the Plan Administrator and governing law.

  • To support deductions for business mileage as is permissible under IRS Rules, it is the Executive’s responsibility to maintain a log of business miles to report to the IRS if requested.

  • The District will consider the implementation of a Dependent Care Option pursuant to IRS Rules and will engage in best efforts to implement said option by January 1, 2021.

  • If we allow repayment of a mistaken distribution, we may rely solely on your representation that such withdrawal was a mistaken distribution in accordance with IRS Rules.

  • The Manchester Board of Education agrees to maintain a Section 125 Flexible Benefits Plans subject to Federal and State Law and IRS Rules and Regulations.

  • The effective date for purposes of the IRS Rules determines when medical expenses incurred by you and/or your eligible dependents are eligible for tax free distributions from your HSA.

  • If you make Excess Contributions and you wish to avoid the applicable excise taxes imposed on such Excess Contributions by IRS Rules, you understand that you must submit a timely request f o r the withdrawal of such Excess Contributions and any net earnings attributable to the Excess Contributions in accordance with IRS Rules.

  • IRA accounts are considered individual retirement accounts and are subject to all relevant IRS Rules and Regulations.

  • You understand and acknowledge that any amounts withdrawn from your HSA that are not used exclusively to pay for Qualified Medical Expenses are includable in your gross income and may also be subject to an additional excise tax prescribed by IRS Rules.

  • In accordance with IRS Rules, if you name someone other than your estate or your spouse as beneficiary, your non-spouse beneficiary may be subject to income tax on the fair market value of the HSA.

Related to IRS Rules

  • CCASS Rules means the General Rules of CCASS and the CCASS Operational Procedures in effect from time to time;

  • PPB Rules means the rules of the Procurement Policy Board as set forth in Title 9 of the Rules of the City of New York (“RCNY”), § 1-01 et seq.

  • FSA Rules meanss the rules, guidance, principles and codes comprised in the Handbook of Rules and Guidance issued by the FSA.

  • SIFT Rules means the provisions of the Income Tax Act providing for a tax on certain income earned by a “SIFT trust” or “SIFT partnership” as those terms are defined in the Income Tax Act.

  • FCA Rules means the Rules included within the FCA Handbook issued by the FCA.