Common use of Applicable Amount Clause in Contracts

Applicable Amount. The applicable amount is determined under (i) or (ii) below: (i) If the Owner is under age 50, the applicable amount is $3,000 for any taxable year beginning in 2002 through 2004, $4,000 for any taxable year beginning in 2005 through 2007 and $5,000 for any taxable year beginning in 2008 and years thereafter. (ii) If the Owner is 50 or older, the applicable amount is $3,500 for any taxable year beginning in 2002 through 2004, $4,500 for any taxable year beginning in 2005, $5,000 for any taxable year beginning in 2006 through 2007 and $6,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the limits in paragraph (b)(i) and (ii) above will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code §219(b)(5)(C). Such adjustments will be in multiples of $500. (c) Regular Contribution Limit. If (i) and/or (ii) below apply, the maximum regular contribution that can be made to all the Owner's ▇▇▇▇ IRAs for a taxable year is the smaller amount determined under (i) or (ii). (i) The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income ("modified AGI," defined in (g) below) in accordance with the following table: Filing Status Full Contribution Phase-out Range Modified AGI No Contribution Single or Head of Household $95,000 or less Between $95,000 and $110,000 $110,000 or more Joint Return or Qualifying Widow(er) $150,000 or less Between $150,000 and $160,000 $160,000 or more (ii) If the Owner makes regular contributions to both ▇▇▇▇ and nonRoth IRAs for a taxable year, the maximum regular contribution that can be made to all the Owner's ▇▇▇▇ IRAs for that taxable year is reduced by the regular contributions made to the Owner's nonRoth IRAs for the taxable year.

Applicable Amount. The applicable amount is determined under (i) or (ii) below: (i) If the Owner is under age 50, the applicable amount is $3,000 for any taxable year beginning in 2002 through 2004, $4,000 for any taxable year beginning in 2005 through 2007 and $5,000 for any taxable year beginning in 2008 and years thereafter. (ii) If the Owner is 50 or older, the applicable amount is $3,500 for any taxable year beginning in 2002 through 2004, $4,500 for any taxable year beginning in 2005, $5,000 for any taxable year beginning in 2006 through 2007 and $6,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the limits in paragraph (b)(i) and (ii) above will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code §219(b)(5)(C). Such adjustments will be in multiples of $500. (c) Regular Contribution Limit. If (i) and/or (ii) below apply, the maximum regular contribution that can be made to all the Owner's ▇▇▇▇ IRAs for a taxable year is the smaller amount determined under (i) or (ii). (i) The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income ("modified AGI," defined in (g) below) in accordance with the following table: Filing Status Full Contribution Phase-out Range Modified AGI No Contribution Single or Head of Household $95,000 or less Between $95,000 and $110,000 $110,000 or more Joint Return or Qualifying Widow(er) $150,000 or less Between $150,000 and $160,000 $160,000 or more Married-Separate Return $0 Between $0 and $10,000 $10,000 or more (ii) If the Owner makes regular contributions to both ▇▇▇▇ and nonRoth IRAs for a taxable year, the maximum regular contribution that can be made to all the Owner's ▇▇▇▇ IRAs for that taxable year is reduced by the regular contributions made to the Owner's nonRoth IRAs for the taxable year.