Conversion Contributions. The Custodian will accept for the Custodial Account any or all distributions from an IRA, other than a Xxxx XXX (including a SEP IRA, SARSEP IRA, or a SIMPLE IRA, which consist of cash, for deposit into a Xxxx XXX (“conversion contribution(s)”). The Custodian may, but shall be under no obligation to, accept all or any part of any other conversion contribution(s) as permitted under Code Section 408A. The Depositor shall designate each conversion contribution as such to the Custodian and by such designation shall confirm to the Custodian that a proposed conversion contribution qualifies as a conversion within the meaning of Sections 408A(c)(3), 408A(d)(3) and 408A(e) of the Code, except that any conversion contribution shall not be considered a rollover contribution for purposes of Section 408(d)(3)(B) of the Code relating to the one-rollover-per-year rule.
Conversion Contributions. You may contribute all or any part of a distribution from an IRA, other than a Xxxx XXX including a SEP IRA, SARSEP IRA, or SIMPLE-IRA, to a Xxxx XXX (“conversion contribution”) within 60 days or by means of a trustee-to-trustee transfer, provided the amount is otherwise eligible to be rolled over. For these purposes, the one-rollover-per-year rule does not apply. You will be subject to income tax on the taxable portion of any conversion contribution, but the premature distribution penalty will not apply. Assets held in a SIMPLE-IRA may be converted to a Xxxx XXX only after the expiration of the two-year period beginning on the date your employer first made contributions to your SIMPLE-IRA maintained by your employer and as more fully described in Section 72(t)(6) of the Code. However, distributions from tax qualified plans (for example pension, profit- sharing and Xxxxx plans) may not be contributed directly to a Xxxx XXX. This taxable portion is the amount that would have been included in your income if you had actually taken a distribution from such IRA (the “conversion amount”). If taxes are withheld from your Xxxx XXX Conversion, the amount withheld may be subject to the 10% early withdrawal penalty unless an exception applies. In addition, the withholding amount may make you ineligible to convert as the withheld amounts are taken into account when determining your Adjusted Gross Income for Xxxx Conversion eligibility
Conversion Contributions. In the event that a Conversion Election is in effect and there are insufficient amounts in the Aircraft Conversion Account to discharge all obligations then due and payable in respect of such ACS Group Aircraft Conversion, then the Borrower or Guarantor may, out of funds provided to it by a Holder of a Class E Security or a Shareholder, deposit in the Aircraft Conversion Account up to an amount that would enable the Borrower or Guarantor, as applicable, to discharge such obligations. Any such amounts should not constitute an obligation or debt of the Borrower.
Conversion Contributions. Generally, the Custodian will accept for the Custodial Account any or all distributions from an XXX, other than a Xxxx XXX (including a SEP-XXX, SARSEP XXX, or a SIMPLE XXX), which consist of cash, for deposit into a Xxxx XXX (conversion contribution(s)). However, any minimum distribution from an XXX, other than a Xxxx XXX, required by Section 401(a)(9) of the Code for the year of the conversion cannot be converted to a Xxxx XXX. The Custodian may, but shall be under no obligation to, accept all or any part of any other conversion contribution(s) as permitted under Code Section 408A. The Depositor (or the Depositor’s Authorized Agent) shall designate each conversion contribution as such to the Custodian and by such designation shall confirm to the Custodian that a proposed conversion contribution qualifies as a conversion within the meaning of Sections 408A(c)(3), 408A(d)(3), and 408A(e) of the Code, except that any conversion contribution shall not be considered a rollover contribution for purposes of Section 408(d)(3)(B) of the Code relating to the one- rollover-per-year rule.
Conversion Contributions. You may contribute all or any part of a distribution from an XXX, other than a Xxxx XXX, including a SEP-XXX, SARSEP XXX, or SIMPLE XXX, to a Xxxx XXX (“conversion contribution”) within 60 days or by means of a trustee-to-trustee transfer, provided the amount is otherwise eligible to be rolled over. Assets held in a SIMPLE XXX may be converted to a Xxxx XXX only after the expiration of the two-year period beginning on the date when your employer first contributes to your SIMPLE XXX. For these purposes, the one-rollover- per-year rule does not apply. You will be subject to income tax on the taxable portion of any conversion contribution, but the premature distribution penalty will not apply. However, distributions from tax- qualified plans (for example, pension, profit-sharing, and Xxxxx plans) may not be contributed directly to a Xxxx XXX. This taxable portion is the amount that would have been included in your income if you had actually taken a distribution from such XXX (the “conversion amount”). If you are under age 59½, any amounts distributed from your XXX (including amounts withheld for taxes) and not converted within 60 days to a Xxxx XXX will be subject to the premature distribution penalty. Additionally, taxes withheld from conversion distributions will be includible in income and may make you ineligible for a Xxxx XXX conversion, as amounts withheld from a Xxxx XXX conversion are used in determining conversion eligibility.
Conversion Contributions. You may contribute all or part of a distribution from a Traditional IRA (or a distribution from a SEP IRA or a SIMPLE IRA) to a Xxxx XXX (this is called a "conver- sion contribution") by means of a rollover within 60 days or by means of a trustee-to-trustee transfer, provided the amount otherwise meets the requirements for rollover under Section 408(d)(3), except that the one-rollover-per-year limitation does not apply to conversion contributions. You must make the rollover contribution to the Xxxx XXX within 60 days of your receipt of the distribution from the Traditional IRA. Assets held in a SIMPLE IRA may be converted to a Xxxx XXX only after the expiration of the two-year period described in Section 72(t)(6) which begins on the date you first participated in a SIMPLE IRA plan maintained by your employer. Xxxx IRAs may not receive conversion contributions or rollovers from qualified retirement plans.
