Xxxx IRAs definition
Examples of Xxxx IRAs in a sentence
Rollovers between Xxxx IRAs are permitted every 12 months and must be accomplished within 60 days after the distribution.
Note that, for federal tax purposes (for example, for purposes of applying the ordering rules described above), Xxxx IRAs are considered separately from Traditional IRAs.
The maximum regular contribution that can be made to all the Xxxx XXX Owner’s Xxxx IRAs for a taxable year is the smaller amount determined under Section 4.01(C)(1) or (2) of this Agreement.
For Xxxx IRAs, you must generally include the value of the earnings in your account in your gross income for that taxable year.
The total premiums paid to QLACs in your IRAs must not exceed 25 percent (up to $125,000) of the combined value of your IRAs (excluding Xxxx IRAs).
If the Traditional IRA Owner makes regular contributions to both Traditional and Xxxx IRAs for a taxable year, the maximum regular contribution that can be made to all the Traditional IRA Owner’s Traditional IRAs for that taxable year is reduced by the regular contributions made to the Traditional IRA Owner’s Xxxx IRAs for the taxable year.
We will not be required to perform any additional services unless specifically agreed to under the terms and conditions of this agreement, or as required under the Code and the regulations promulgated thereunder with respect to Xxxx IRAs. You agree to indemnify and hold us harmless for any and all claims, actions, proceedings, damages, judgments, liabilities, costs, and expenses, including attorney’s fees arising from or in connection with this agreement.
See the section titled Beneficiary Options for Xxxx IRAs in this Disclosure Statement regarding Beneficiaries’ required minimum distributions.
The total premiums paid to QLACs in your Traditional and SIMPLE IRAs must not exceed 25 percent (up to $125,000) of the combined value of your IRAs (excluding Xxxx IRAs).
For more information on Xxxx IRAs, including the required disclosures the custodian must give the depositor, see Pub.