No Pledging. If you pledge all or a portion of your SIMPLE IRA as security for a loan, the portion pledged will be treated as a distribution to you, included in gross income, and may be subject to the 10 percent early-distribution penalty tax.
Appears in 4 contracts
Sources: Customer Agreement, Customer Agreement, Customer Agreement
No Pledging. If you pledge all or a portion of your SIMPLE Beneficiary IRA as security for a loan, the portion pledged will be treated as a distribution to you, and the taxable portion will be included in gross income, income and may be subject to the 10 percent early-distribution penalty tax.
Appears in 4 contracts
Sources: Roth Beneficiary Ira Amendment, Traditional Beneficiary Ira Amendment, Traditional Beneficiary Ira Amendment
No Pledging. If you pledge all or a portion of your SIMPLE IRA as security for a loan, the portion pledged will be treated as a distribution to you, and the taxable portion will be included in gross income, and may be subject to the 10 percent early-distribution penalty tax.
Appears in 1 contract
Sources: Customer Agreement