Qualified Reservist Distributions Sample Clauses
The Qualified Reservist Distributions clause allows eligible military reservists to make penalty-free withdrawals from certain retirement accounts when called to active duty. This provision typically applies to individuals who are ordered or called to active duty for a specified minimum period, such as 180 days, and permits them to access their retirement funds without incurring the usual early withdrawal penalties. Its core practical function is to provide financial flexibility and support to reservists facing sudden income changes due to military service, addressing the problem of restricted access to retirement savings during periods of unexpected deployment.
POPULAR SAMPLE Copied 4 times
Qualified Reservist Distributions. If you are an eligible qualified reservist who has taken penalty-free qualified reservist distributions from your IRA or retirement plan, you may recontribute those amounts to an IRA generally within a two-year period from your date of return.
Qualified Reservist Distributions. If so elected by the Employer in Section 1.19(e) of the Adoption Agreement, and notwithstanding anything herein to the contrary, a Participant ordered or called to active duty for a period in excess of 179 days or for an indefinite period by reason of being a member of a reserve component (as defined in section 101 of title 37, United States Code), shall be eligible to elect to receive a Qualified Reservist Distribution. A “Qualified Reservist Distribution” means a distribution from the Participant’s Account of amounts attributable to Deferral Contributions, provided such distribution is made during the period beginning on the date of the order or call to active duty and ending at the close of the active duty period.
Qualified Reservist Distributions. If you are a qualified reservist member called to active duty for more than 179 days or an indefinite period, the payments you take from your IRA during the active duty period are not subject to the 10 percent early distribution penalty tax.
Qualified Reservist Distributions. If you are a qualified reservist called to active duty, you may be eligible to take penalty-free distributions from your IRA and recontribute those amounts to an IRA generally within a two-year period from your date of return. For further detailed information you may wish to obtain IRS Publication 590, Individual Retirement Arrangements (IRAs), from the IRS.
Qualified Reservist Distributions. If you are a qualified reservist member called to active duty for more than 179 days or an indefinite period, the payments you take from your ▇▇▇▇ ▇▇▇ during the active duty period are not subject to the 10 percent early distribution penalty tax. You must file IRS Form 5329 along with your income tax return to the IRS to report and remit any additional taxes or to claim a penalty tax exception.
Qualified Reservist Distributions. If you are an eligible qualified reservist who has taken penalty-free qualified reservist distributions from your ▇▇▇▇ ▇▇▇ or retirement plan, you may recontribute those amounts to a ▇▇▇▇ ▇▇▇ generally within a two-year period from your date of return.
Qualified Reservist Distributions. Early distributions paid to certain military reservists called to active duty after September 11, 2001 (“Qualified Reservist Distributions”) are eligible to be repaid to an IRA within a two-year period after the end of active duty. This provision applies to distributions made after September 11, 2001. Repayments cannot exceed the amount of your Qualified Reservist Distributions. Repayment cannot be made after the date that is two years after your active duty period ends. The repayments are not treated as rollovers.
Qualified Reservist Distributions. You may repay qualified reservist distributions (as defined by the Code and Treasury Regulations) by making one or more contributions to your ▇▇▇▇ ▇▇▇ within two years of the end of your active duty. The aggregate amount that may be repaid may not exceed the amounts of such distributions and is in addition to other eligible contribution amounts. No tax deduction is allowed for these contributions. For more information, consult your tax advisor. Other Distributions Eligible for Repayment. Certain distributions may be repaid to your ▇▇▇▇ ▇▇▇. Distributions eligible for repayment include:
Qualified Reservist Distributions. If you are a qualified reservist called to active duty, you may be eligible to take penalty-free distributions from your ▇▇▇ and recontribute those amounts to an ▇▇▇ generally within a two-year period from your date of return. For further detailed information you may wish to obtain IRS Publication 590, Individual Retirement Arrangements from the IRS.
Qualified Reservist Distributions. If you are a qualified reservist member called to active duty for more than 179 days or an indefinite period, the payments you take from your ▇▇▇▇ ▇▇▇ during the active duty period.1