Acceptable Contribution Methods Sample Clauses

Acceptable Contribution Methods. Contributions to an Account may be made via check, wire transfer, electronic funds transfer, or any other method permitted by the Act and the Code. Qualified Rollover contributions to an Account from another qualified tuition program must be accompanied by the Incoming Rollover Form.
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Acceptable Contribution Methods. Contributions to an Account may be made via check, wire transfer, electronic funds transfer, or any other method described in the Plan Description. Contributions to the Account may only be made in these cash methods; other methods such as secu- rities will not be accepted. Rollover contributions to an Account from another qualified tuition plan must be accompanied by the appropriate form and any other required documentation required by the Program Manager.
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Acceptable Contribution Methods. Contributions to an Account may be made via Electronic Funds Transfer, check, recurring contribution or any other method available under the Plan.
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Acceptable Contribution Methods. Contributions to an Account may be made via check, Electronic Funds Transfer, or any other method permitted by the Act, Section 529, the Program Regulations and Plan procedures. Contributions to the Account may only be made in these cash methods.
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Related to Acceptable Contribution Methods

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Negotiated Funding Amount, Board Contributions 4.1.1 Each Board shall pay an amount equal to 1/12th of the annual negotiated funding amount as described in 4.1.2 and 4.1.3 to the Trustees of the ETFO ELHT by the last day of each month from and after the Board’s Participation Date.

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax for that year by withdrawing the excess contribution and its earnings on or before the date, including extensions, for filing your tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may also be subject to the 10% early distribution penalty tax if you are under age 59½. In addition, although you will still owe penalty taxes for one or more years, excess contributions may be withdrawn after the time for filing your tax return. Excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years. An individual who is partially or entirely ineligible to make contributions to a Xxxx XXX may transfer amounts of up to the yearly contribution limits to a non-deductible Traditional IRA (subject to reduction for amounts remaining in the Xxxx XXX plus other Traditional IRA contributions).

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Contribution Rates ‌ The Employer's contribution rate to the pension fund shall be 8% of each employee's gross monthly earnings. The Employer shall also deduct from each eligible employee's gross monthly earnings 6% and remit that amount together with the Employer's required contribution on behalf of each employee to the pension fund.

  • Are My Contributions to a Traditional IRA Tax Deductible Although you may make a contribution to a Traditional IRA within the limitations described above, all or a portion of your contribution may be nondeductible. No deduction is allowed for a rollover contribution (including a “direct rollover”) or transfer. For “regular” contributions, the taxability of your contribution depends upon your tax filing status, whether you (and in some cases your spouse) are an “active participant” in an employer-sponsored retirement plan, and your income level. An employer-sponsored retirement plan includes any of the following types of retirement plans: • a qualified pension, profit-sharing, or stock bonus plan established in accordance with IRC 401(a) or 401(k); • a Simplified Employee Pension Plan (SEP) (IRC 408(k)); • a deferred compensation plan maintained by a governmental unit or agency; • tax-sheltered annuities and custodial accounts (IRC 403(b) and 403(b)(7)); • a qualified annuity plan under IRC Section 403(a); or • a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE Plan). Generally, you are considered an “active participant” in a defined contribution plan if an employer contribution or forfeiture was credited to your account during the year. You are considered an “active participant” in a defined benefit plan if you are eligible to participate in a plan, even though you elect not to participate. You are also treated as an “active participant” if you make a voluntary or mandatory contribution to any type of plan, even if your employer makes no contribution to the plan. If you are not married (including a taxpayer filing under the “head of household” status), the following rules apply: • If you are not an “active participant” in an employer- sponsored retirement plan, you may make a contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). • If you are single and you are an “active participant” in an employer-sponsored retirement plan, you may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3), but then the deductibility limits of a contribution are related to your Modified Adjusted Gross Income (AGI) as follows: Year Eligible to Make a Deductible Contribution if AGI is Less Than or Equal to: Eligible to Make a Partially Deductible Contribution if AGI is Between: Not Eligible to Make a Deductible Contribution if AGI is Over: 2020 $65,000 $65,000 - $75,000 $75,000 2021 & After - subject to COLA increases $66,000 $66,000 - $76,000 $76,000 If you are married, the following rules apply: • If you and your spouse file a joint tax return and neither you nor your spouse is an “active participant” in an employer-sponsored retirement plan, you and your spouse may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). • If you and your spouse file a joint tax return and both you and your spouse are “active participants” in employer- sponsored retirement plans, you and your spouse may make fully deductible contributions to a Traditional IRA (up to the contribution limits detailed in Section 3), but then the deductibility limits of a contribution are as follows: Year Eligible to Make a Deductible Contribution if AGI is Less Than or Equal to: Eligible to Make a Partially Deductible Contribution if AGI is Between: Not Eligible to Make a Deductible Contribution if AGI is Over: 2020 $104,000 $104,000 - $124,000 $124,000 2021 & After - subject to COLA increases $105,000 $105,000 - $125,000 $125,000 • If you and your spouse file a joint tax return and only one of you is an “active participant” in an employer- sponsored retirement plan, special rules apply. If your spouse is the “active participant,” a fully deductible contribution can be made to your IRA (up to the contribution limits detailed in Section 3) if your combined modified adjusted gross income does not exceed $196,000 in 2020 or $198,000 in 2021. If your combined modified adjusted gross income is between $196,000 and $206,000 in 2020, or $198,000 and $208,000 in 2021, your deduction will be limited as described below. If your combined modified adjusted gross income exceeds $206,000 in 2020 or $208,000 in 2021, your contribution will not be deductible. Your spouse, as an “active participant” in an employer- sponsored retirement plan, may make a fully deductible contribution to a Traditional IRA if your combined modified adjusted gross income does not exceed the amounts listed in the table above. Conversely, if you are an “active” participant” and your spouse is not, a contribution to your Traditional IRA will be deductible if your combined modified adjusted gross income does not exceed the amounts listed above. • If you are married and file a separate return, and neither you nor your spouse is an “active participant” in an employer-sponsored retirement plan, you may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). If you are married, filing separately, and either you or your spouse is an “active participant” in an employer-sponsored retirement plan, you may not make a fully deductible contribution to a Traditional IRA. Please note that the deduction limits are not the same as the contribution limits. You can contribute to your Traditional IRA in any amount up to the contribution limits detailed in Section 3. The amount of your contribution that is deductible for federal income tax purposes is based upon the rules described in this section. If you (or where applicable, your spouse) are an “active participant” in an employer- sponsored retirement plan, you can refer to IRS Publication 590-A: Figuring Your Modified AGI and Figuring Your Reduced IRA Deduction to calculate whether your contribution will be fully or partially deductible. Even if your income exceeds the limits described above, you may make a contribution to your IRA up to the contribution limitations described in Section 3. To the extent that your contribution exceeds the deductible limits, it will be nondeductible. However, earnings on all IRA contributions are tax deferred until distribution. You must designate on your federal income tax return the amount of your Traditional IRA contribution that is nondeductible and provide certain additional information concerning nondeductible contributions. Overstating the amount of nondeductible contributions will generally subject you to a penalty of $100 for each overstatement.

  • Transfer Methods and Amounts Section 15 of the General Terms (Payment Methods and Amounts) applies to the Service, even in circumstances where the External Account is closed and we are attempting to return funds to such Account.

  • Contribution Eligibility You are eligible to make a regular contribution to your Xxxx XXX, regardless of your age, if you have compensation and your MAGI is below the maximum threshold. Your Xxxx XXX contribution is not limited by your participation in an employer-sponsored retirement plan, other than a Traditional IRA.

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