Higher education expenses. Payments taken for certain qualified higher education expenses for you, your spouse, or the children or grandchildren of you or your spouse, will not be subject to the 10 percent early distribution penalty tax. 7) First-time homebuyer. You may take payments from your ▇▇▇▇ ▇▇▇ to use toward qualified acquisition costs of buying or building a principal residence. The amount you may take for this reason may not exceed a lifetime maximum of $10,000. The payment must be used for qualified acquisition costs within 120 days of receiving the distribution. 8) IRS levy. Payments from your ▇▇▇▇ ▇▇▇ made to the U.S. government in response to a federal tax levy are not subject to the 10 percent early distribution penalty tax.
Appears in 5 contracts
Sources: Roth Individual Retirement Custodial Account Agreement, Roth Individual Retirement Custodial Account Agreement, Roth Individual Retirement Custodial Account Agreement
Higher education expenses. Payments taken for certain qualified higher education expenses for you, your spouse, or the children or grandchildren of you or your spouse, will not be subject to the 10 percent early distribution penalty tax. 7) First-First- time homebuyer. You may take payments from your ▇▇▇▇ ▇▇▇ to use toward qualified acquisition costs of buying or building a principal residence. The amount you may take for this reason may not exceed a lifetime maximum of $10,000. The payment must be used for qualified acquisition costs within 120 days of receiving the distribution. 8) IRS levy. Payments from your ▇▇▇▇ ▇▇▇ made to the U.S. government in response to a federal tax levy are not subject to the 10 percent early distribution penalty tax.
Appears in 3 contracts
Sources: Wealth Management Agreement, Account Agreement, Account Agreement
Higher education expenses. Payments taken for certain qualified higher education expenses for you, your spouse, or the children or grandchildren of you or your spouse, will not be subject to the 10 percent early distribution penalty tax. 7) First-time homebuyer. You may take payments from your ▇▇▇▇ ▇▇▇ IRA to use toward qualified acquisition costs of buying or building a principal residence. The amount you may take for this reason may not exceed a lifetime maximum of $10,000. The payment must be used for qualified acquisition costs within 120 days of receiving the distribution. 8) IRS levy. Payments from your ▇▇▇▇ ▇▇▇ IRA made to the U.S. government in response to a federal tax levy are not subject to the 10 percent early distribution penalty tax.
Appears in 1 contract