Inherited Xxxx XXX. An IRA which is designated at the time of establishment of the plan as a Xxxx XXX and is established by or maintained for the benefit of a nonspouse beneficiary of a deceased Depositor or a nonspouse beneficiary of a deceased participant in a qualifying retirement plan.
Inherited Xxxx XXX. Decedent’s name Decedent’s Date of Birth Decedent’s Date of Death
Inherited Xxxx XXX. If you are a beneficiary who inherits a Xxxx XXX from a deceased Depositor (or deceased Beneficiary), you may maintain the tax deferred status of those inherited assets in an Inherited Xxxx XXX. Contributions are not permitted to be made to an Inherited Xxxx XXX. An Inherited Xxxx XXX may also be referred to as a Xxxx Beneficiary Distribution Account (Xxxx XXX BDA). A beneficiary of an Inherited Xxxx XXX is generally required to take annual minimum distributions from the account.
Inherited Xxxx XXX. An Inherited Xxxx XXX is an XXX established by or maintained for the benefit of a nonspouse Beneficiary of a deceased XXX owner or a nonspouse beneficiary of a deceased participant in a qualifying retirement plan. Contributions to Inherited Xxxx IRAs. Except for direct rollovers of designated Xxxx assets from a deceased participant’s 401(k) plan(s), 403(b) arrangement(s), governmental 457(b) plan(s), qualified rollover contributions from inherited eligible retirement plan(s) other than a Xxxx XXX, direct transfers from another Inherited Xxxx XXX and certain recharacterized contributions from Inherited Traditional IRAs, no other contribution types are allowed to be contributed to the Inherited Xxxx XXX, unless otherwise permitted under the Internal Revenue Code or regulations. Eligible rollover distributions of designated Xxxx assets from a deceased participant’s Xxxx 401(k) plan(s), Xxxx 403(b) arrangement(s), or Xxxx 457(b) plan(s) may be rolled over by a nonspouse beneficiary to an Inherited Xxxx XXX. Rollovers to an Inherited Xxxx XXX must be sent directly from the plan administrator to the Inherited Xxxx XXX custodian. The nonspouse beneficiary may not have constructive receipt of the assets. The nonspouse beneficiary is solely responsible for tracking the basis and earnings of the assets rolled over. If a nonqualified distribution is rolled over from Xxxx 401(k), Xxxx 403(b), or Xxxx 457(b) to a Xxxx XXX, the basis and earnings must still be tracked. If a qualified distribution from a Xxxx 401(k), Xxxx 403(b), or Xxxx 457(b) is rolled over, the entire amount of the rollover contribution is considered basis in the Xxxx XXX. If current eligibility requirements as defined by the Internal Revenue Code and regulations are met, a nonspouse beneficiary may make a qualified rollover contribution to a Xxxx XXX from an eligible retirement plan other than a Xxxx XXX. A qualified rollover contribution must be sent in a direct trustee-to- trustee transaction from the distributing plan to the Inherited Xxxx XXX. The nonspouse beneficiary may not have constructive receipt of the assets. For assistance in determining qualified rollover contribution eligibility and the tax consequences of such a transaction, consult a tax advisor.
Inherited Xxxx XXX. An XXX which is designated at the time of establishment of the plan as a Xxxx XXX and is established by or maintained for the benefit of a nonspouse beneficiary of a deceased Depositor or a nonspouse beneficiary of a deceased participant in a qualifying retirement plan.
Inherited Xxxx XXX. An Inherited Xxxx XXX is an IRA established by or maintained for the benefit of a nonspouse Beneficiary of a deceased IRA owner or a nonspouse beneficiary of a deceased participant in a qualifying retirement plan.
Inherited Xxxx XXX. If you are a beneficiary who inherits a Xxxx XXX from a deceased Depositor (or deceased Beneficiary), you may maintain the tax deferred status of those inherited assets in an Inherited Xxxx XXX. Contributions are not permitted to be made to an Inherited Xxxx XXX. An Inherited Xxxx XXX may also be referred to as a Xxxx Beneficiary Distribution Account (Xxxx XXX BDA). A beneficiary of an Inherited Xxxx XXX is generally required to take annual minimum distributions from the account. Note: For purposes of this Disclosure Statement, “Compensation” refers to wages, salaries, professional fees, or other amounts derived from or received for personal service actually rendered and includes the earned income of a self-employed individual, and any alimony or separate maintenance payment includible in your gross income. For self-employed individuals, compensation means earned income. “Adjusted Gross Income” (“AGI”) is determined prior to adjustments for personal exemptions and itemized deductions. For purposes of determining eligibility to make a Xxxx XXX contribution, AGI is modified to take into account any taxable benefits under the Social Security and the Railroad Retirement Acts, and passive loss limitations under Code Section 469, except that you should disregard deductions for contributions to IRAs maintained under Section 408 of the Code for the particular tax year, Code Sections 135, 137, 911 and income otherwise resulting from the conversion of an IRA maintained under Section 408 of the Code to a Xxxx XXX. For tax years beginning after December 31, 2004, any amount included in income as a result of a minimum required distribution from an IRA, pursuant to Section 408(d)(6) of the Code, shall be excluded from AGI for purposes of determining an individual’s eligibility to make a conversion contribution to a Xxxx XXX. Account Information The following information may apply to both Depositors and Beneficiaries, except as otherwise clearly indicated.
