Common use of Contribution Limits Clause in Contracts

Contribution Limits. The maximum amount that may be contributed to a Xxxx XXX annually is generally $5,500 for tax years 2014 and 2015. These amounts may increase for years thereafter for cost-of-living adjustments, when applicable. If you are age 50 or older before the end of the tax year and are eligible for a catch-up contribution, then an additional $1,000 may generally be contributed for a total of $6,500 for 2014 and 2015. This maximum Xxxx XXX contribution amount, however, may be reduced if your modified adjusted gross income (MAGI) exceeds $181,000 (for 2014) or $183,000 (for 2015) if you are a married individual who files a joint income tax return, or $114,000 (for 2014) or $116,000 (for 2015) if you are a single individual. The MAGI limits listed above will be increased annually to reflect a cost-of-living adjustment, if any. You are responsible for determining the maximum amount that you may contribute to a Xxxx XXX. If you are a married person filing a separate return (who lived together with your spouse at any time during the year), the maximum Xxxx XXX contribution amount may be reduced if your MAGI threshold is more than zero (-$0-). If you are not married, you may not contribute an amount in excess of your compensation, or if you are a married individual who files a joint tax return, you and your spouse may not contribute, in aggregate, an amount in excess of your combined compensation. If you have more than one Xxxx XXX, the amount that you may contribute to a Xxxx XXX as described above applies to the total amount you may contribute to all of your Xxxx IRAs for the year. If you also have a Traditional IRA, the maximum amount that you may contribute to all of your Xxxx IRAs and Traditional IRAs in aggregate is for a given tax year is $5,500 (for tax year 2014 and 2015), not to exceed your compensation. If you are age 50 or older before the end of the tax year and are eligible for a catch-up contribution, then an additional $1,000 may generally be contributed for a given tax year a total of $6,500 (for 2014 and 2015), not to exceed your compensation. These amounts may increase for years thereafter for cost-of-living adjustments, when applicable. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA and you make voluntary employee contributions to that separate account, the total contribution amounts listed above are reduced by those voluntary employee contributions. For more information on determining your MAGI and the maximum amount that you may contribute to a Xxxx XXX, consult your tax advisor, instructions to Form 1040 and/or IRS Publication 590-A.

Contribution Limits. The maximum amount that may be contributed to a Xxxx XXX annually is generally $5,500 for tax years 2014 and 2015. These amounts may increase for years thereafter for cost-of-living adjustments, when applicable. If you are age 50 or older before the end of the tax year and are eligible for a catch-up contribution, then an additional $1,000 may generally be contributed for a total of $6,500 for 2014 and 2015. This maximum Xxxx XXX contribution amount, however, may be reduced if your modified adjusted gross income (MAGI) exceeds $181,000 (for 2014) or $183,000 (for 2015) if you are a married individual who files a joint income tax return, or $114,000 (for 2014) or $116,000 (for 2015) if you are a single individual. The MAGI limits listed above will be increased annually to reflect a cost-of-living adjustment, if any. You are responsible for determining the maximum amount that you may contribute to a Xxxx XXX. If you are a married person filing a separate return (who lived together with your spouse at any time during the year), the maximum Xxxx XXX contribution amount may be reduced if your MAGI threshold is more than zero (-$0-). If you are not married, you may not contribute an amount in excess of your compensation, or if you are a married individual who files a joint tax return, you and your spouse may not contribute, in aggregate, an amount in excess of your combined compensation. If you have more than one Xxxx XXX, the amount that you may contribute to a Xxxx XXX as described above applies to the total amount you may contribute to all of your Xxxx IRAs for the year. If you also have a Traditional IRAXXX, the maximum amount that you may contribute to all of your Xxxx IRAs and Traditional IRAs in aggregate is for a given tax year is $5,500 (for tax year 2014 and 2015), not to exceed your compensation. If you are age 50 or older before the end of the tax year and are eligible for a catch-up contribution, then an additional $1,000 may generally be contributed for a given tax year a total of $6,500 (for 2014 and 2015), not to exceed your compensation. These amounts may increase for years thereafter for cost-of-living adjustments, when applicable. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA XXX and you make voluntary employee contributions to that separate account, the total contribution amounts listed above are reduced by those voluntary employee contributions. For more information on determining your MAGI and the maximum amount that you may contribute to a Xxxx XXX, consult your tax advisor, instructions to Form 1040 and/or IRS Publication 590-A.

Contribution Limits. The maximum amount that may be contributed to a Xxxx XXX annually is generally $5,500 6,000 for tax years 2014 year 2022 and 2015$6,500 for 2023. These amounts may increase for years thereafter for cost-of-living adjustments, when applicable. If you are age 50 or older before the end of the tax year and are eligible for a catch-up contribution, then an additional $1,000 may generally be contributed for a total of $6,500 for 2014 and 2015contributed. This maximum Xxxx XXX contribution amount, however, may be reduced if your modified adjusted gross income (“MAGI”) exceeds the allowable limit of $181,000 204,000 (for 20142022) or $183,000 218,000 (for 20152023) if you are a married individual who files filing a joint income tax return, or $114,000 129,000 (for 20142022) or $116,000 138,000 (for 20152023) if you are a single individual. The MAGI limits listed above will be increased annually to reflect a cost-of-of- living adjustment, if any. You are responsible for determining the maximum amount that you may contribute to a Xxxx XXX. If you are a married person filing a separate return (who lived together with your spouse at any time during the year), the maximum Xxxx XXX contribution amount may be reduced if your MAGI threshold is more than zero (-$0-). If you are not married, you may not contribute an amount in excess of your compensation, or if you are a married individual who files a joint tax return, you and your spouse may not contribute, in aggregate, an amount in excess of your combined compensation. If you have more than one Xxxx XXX, the amount that you may contribute to a Xxxx XXX as described above applies to the total amount you may contribute to all of your Xxxx IRAs for the year. If you also have a Traditional IRA, the maximum amount that you may contribute to all of your Xxxx IRAs and Traditional IRAs in aggregate is for a given tax year is $5,500 6,000 (for tax year 2014 2022) and 2015$6,500 (for 2023), not to exceed your compensation. , If you are age 50 or older before the end of the tax year and are eligible for a catch-up contribution, then an additional $1,000 may generally be contributed for a given tax year a total of $6,500 (for 2014 and 2015)contributed, not to exceed your compensation. These amounts may increase for years thereafter for cost-of-living adjustments, when applicable. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA and you make voluntary employee contributions to that separate account, the total contribution amounts listed above are reduced by those voluntary employee contributions. For more information on determining your MAGI and the maximum amount that you may contribute to a Xxxx XXX, consult your tax advisor, instructions to Form 1040 and/or IRS Publication 590-A.A, which includes the annual MAGI thresholds.

Contribution Limits. The maximum amount that may be contributed to a Xxxx XXX annually is generally $5,500 6,000 for tax years 2014 2020 and 20152021. These amounts may increase for years thereafter for cost-of-living adjustments, when applicable. If you are age 50 or older before the end of the tax year and are eligible for a catch-up contribution, then an additional $1,000 may generally be contributed for a total of $6,500 for 2014 and 2015contributed. This maximum Xxxx XXX contribution amount, however, may be reduced if your modified adjusted gross income (MAGI) exceeds the allowable limit of $181,000 196,000 (for 20142020) or $183,000 198,000 (for 20152021) if you are a married individual who files filing a joint income tax return, or $114,000 124,000 (for 20142020) or $116,000 125,000 (for 20152021) if you are a single individual. The MAGI limits listed above will be increased annually to reflect a cost-of-of- living adjustment, if any. You are responsible for determining the maximum amount that you may contribute to a Xxxx XXX. If you are a married person filing a separate return (who lived together with your spouse at any time during the year), the maximum Xxxx XXX contribution amount may be reduced if your MAGI threshold is more than zero (-$0-). If you are not married, you may not contribute an amount in excess of your compensation, or if you are a married individual who files a joint tax return, you and your spouse may not contribute, in aggregate, an amount in excess of your combined compensation. If you have more than one Xxxx XXX, the amount that you may contribute to a Xxxx XXX as described above applies to the total amount you may contribute to all of your Xxxx IRAs for the year. If you also have a Traditional IRAXXX, the maximum amount that you may contribute to all of your Xxxx IRAs and Traditional IRAs in aggregate is for a given tax year is $5,500 6,000 (for tax year 2014 years 2020 and 20152021), not to exceed your compensation. , If you are age 50 or older before the end of the tax year and are eligible for a catch-up contribution, then an additional $1,000 may generally be contributed for a given tax year a total of $6,500 (for 2014 and 2015)contributed, not to exceed your compensation. These amounts may increase for years thereafter for cost-of-living adjustments, when applicable. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA XXX and you make voluntary employee contributions to that separate account, the total contribution amounts listed above are reduced by those voluntary employee contributions. For more information on determining your MAGI and the maximum amount that you may contribute to a Xxxx XXX, consult your tax advisor, instructions to Form 1040 and/or IRS Publication 590-A.A-, which includes the annual MAGI thresholds.