Maximum Annual Contribution. With respect to Traditional IRA Contributions made by or on behalf of an Individual for a taxable year, Maximum Annual Contribution shall mean an amount that does not exceed the lesser of the deductible amount described in Code Section 219(b)(5)(A) reduced by the amount of any contributions made by or on behalf of the Individual to another Traditional IRA or to a ▇▇▇▇ ▇▇▇ for the same Taxable Year.
Appears in 5 contracts
Sources: Defined Contribution Plan (Wellesley Bancorp, Inc.), Defined Contribution Plan (ASB Bancorp Inc), Defined Contribution Plan (Fraternity Community Bancorp Inc)
Maximum Annual Contribution. With respect to Traditional IRA Contributions made by or on behalf of an Individual for a taxable year, Maximum Annual Contribution shall mean an amount that does not exceed the lesser of the deductible amount described in Code Section 219(b)(5)(A) reduced by the amount of any contributions made by or on behalf of the Individual to another Traditional IRA or to a ▇R▇▇▇ ▇▇▇ for the same Taxable Year.
Appears in 1 contract
Maximum Annual Contribution. With respect to Traditional IRA Contributions made by or on behalf of an Individual for a taxable year, Maximum Annual Contribution shall mean an amount that does not exceed the lesser of the deductible amount described in Code Section 219(b)(5)(A) reduced by the amount of any contributions made by or on behalf of the Individual to another Traditional IRA or to a ▇▇▇▇ ▇▇▇ for the same Taxable Yeartaxable year.
Appears in 1 contract
Sources: Defined Contribution Plan (1st Constitution Bancorp)