Common use of Maximum Contribution Limits Clause in Contracts

Maximum Contribution Limits. Your regular (including catch-up) ▇▇▇▇ ▇▇▇ contributions are limited to the lesser of 100 percent of your and your spouse's compensation if filing jointly or the dollar amounts set forth on the following chart: Contribution Tax Year Regular Contribution Limit Catch-Up Contribution Limit Total Contribution Limit 2. ▇▇▇▇ ▇▇▇-to-▇▇▇▇ ▇▇▇ Rollovers. A ▇▇▇▇ ▇▇▇ rollover is another way to move assets tax-free between ▇▇▇▇ IRAs. You may roll over all or a portion of your ▇▇▇▇ ▇▇▇ assets by taking a distribution from a ▇▇▇▇ ▇▇▇ and recontributing part or all of it as a rollover contribution into the same or another ▇▇▇▇ ▇▇▇. A rollover contribution is irrevocable. You must report your ▇▇▇▇ ▇▇▇ rollover to the IRS on your federal income tax return. Your contribution may only be designated as a rollover if the ▇▇▇▇ ▇▇▇ distribution is deposited within 60 calendar days following the date you receive the distributed assets. Any portion not rolled over will be subject to the ▇▇▇▇ ▇▇▇ ordering rules to determine income taxes and penalty taxes. The 60-day period may be extended to 120 days for a 3. Extension of the 60-Day Period. The Secretary of the Treasury may extend the 60-day period for completing rollovers in certain situations such as casualty, disaster, or other events beyond the