Common use of Purpose of Form Clause in Contracts

Purpose of Form. Form 5305-RA is a model Custodial account agreement that meets the requirements of section 408A and has been pre-approved by the IRS. A Xxxx individual retirement account (Xxxx XXX) is established after the form is fully executed by both the individual (Depositor) and the Custodian. This account must be created in the United States for the exclusive benefit of the Depositor and his or her beneficiaries. Do not file Form 5305-RA with the IRS. Instead, keep it with your records. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the Depositor’s gross income; and distributions after 5 years that are made when the Depositor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the Custodian must give the Depositor, see Pub. 590, Individual Retirement Arrangements (IRAs). Definitions IRA Conversion Contributions. IRA Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth IRA to a Xxxx XXX. A nonRoth IRA is an individual retirement account or annuity described in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The Custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as Custodian.

Purpose of Form. Form 5305-RA is a model Custodial custodial account agreement that meets the requirements of section 408A and has been pre-automatically approved by the IRS. A Xxxx individual retirement account (Xxxx XXX) is established after the form is fully executed by both the individual (Depositor) and the Custodian. This account must be created in the United States for the exclusive benefit of the Depositor and or his or her beneficiaries. Do not file Form 5305-RA with the IRS. Instead, keep it with your recordsfor record purposes. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the Depositorgrantor’s gross income; and distributions after 5 years that are made when the Depositor grantor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer home buyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the Custodian must give the Depositor, see Pub. 590, Individual Retirement Arrangements (IRAs). Definitions IRA Conversion Contributions. IRA Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth IRA non- Xxxx XXX to a Xxxx XXX. A nonRoth IRA non-Xxxx XXX is an individual retirement account or annuity described in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The Custodian custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as Custodiancustodian.

Purpose of Form. Form 5305-RA is a model Custodial account agreement that meets the requirements of section 408A and has been pre-approved by the IRS. A Xxxx individual retirement account (Xxxx XXX) is established after the form is fully executed by both the individual (Depositor) and the Custodiantrustee. This account must be created in the United States for the exclusive benefit of the Depositor and his or her beneficiaries. Do not file Form 5305-RA with the IRS. Instead, keep it with your records. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the Depositor’s gross income; and distributions after 5 years that are made when the Depositor is 59½ 59 1 /2 years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the Custodian trustee must give the Depositor, see Pub. 590, Individual Retirement Arrangements (IRAs). Definitions IRA XXX Conversion Contributions. IRA XXX Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth IRA non Xxxx XXX to a Xxxx XXX. A nonRoth IRA non Xxxx XXX is an individual retirement account or annuity described in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The Custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as Custodian.

Purpose of Form. Form 5305-RA is a model Custodial account agreement that meets the requirements of section 408A and has been pre-approved pre -approved by the IRS. A Xxxx individual retirement account (Xxxx XXX) is established after the form is fully executed by both the individual (( Depositor) and the Custodian. This account must be created in the United States for the exclusive benefit of the Depositor and his or her beneficiaries. Do not file Form 5305-RA with the IRS. Instead, keep it with your records. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the Depositor’s gross income; and distributions after 5 years that are made when the Depositor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the Custodian must give the Depositor, see Pub. 590, Individual Retirement Arrangements (IRAs). Definitions IRA Conversion Contributions. IRA Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth IRA to a Xxxx XXX. A nonRoth IRA is an individual retirement account or annuity described descr ibed in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The Custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval approva l of the IRS to act as Custodian.

Purpose of Form. Form 5305-RA is a model Custodial custodial account agreement that meets the requirements of section 408A and has been pre-approved by the IRS. A Xxxx individual retirement account (Xxxx XXX) is established after the form applicable adoption agreement is fully executed by both the individual (Depositordepositor) and the Custodiancustodian. This account must be created in the United States for the exclusive benefit of the Depositor depositor and his or her beneficiaries. Do not file Form 5305-RA with the IRS. Instead, keep it with your records. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the Depositor’s depositor's gross income; and distributions after 5 years that are made when the Depositor depositor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the Custodian Kingdom Trust must give the Depositordepositor, see Pub. 590, Individual Retirement Arrangements (IRAs). Definitions IRA Conversion Contributions. IRA Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth IRA non- Xxxx XXX to a Xxxx XXX. A nonRoth IRA non-Xxxx XXX is an individual retirement account or annuity described in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The Custodian custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as Custodiancustodian. The term custodian includes Kingdom Trust, a South Dakota Chartered Trust Company, and any successor thereto who serves under this custodial agreement under the circumstances described in 9.04(d) above.

Purpose of Form. Form 5305-RA is a model Custodial custodial account agreement that meets the requirements of section 408A and has been pre-automatically approved by the IRS. A Xxxx individual retirement account (Xxxx XXX) is established after the form is fully executed by both the individual (Depositor) and the Custodian. This account must be created in the United States for the exclusive benefit of the Depositor and or his or her beneficiaries. Do not file Form 5305-RA with the IRS. Instead, keep it with your recordsfor you record purposes. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the Depositorgrantor’s gross income; and distributions after 5 years that are made when the Depositor grantor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer home buyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the Custodian must give the Depositor, see Pub. 590, Individual Retirement Arrangements (IRAs). Definitions DEFINITIONS IRA Conversion Contributions. IRA Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth IRA non-Xxxx XXX to a Xxxx XXX. A nonRoth IRA non-Xxxx XXX is an individual retirement account or annuity described in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The Custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as Custodian.