Roth IRA Sample Clauses

Roth IRA. X Xxxx IRA is an XXX xx which you make regular non-deductible contributions and from which distributions are tax and penalty free if certain conditions are met. Conversion Roth IRA X Xxxxxrsion Roth IRA is a Xxxx XXX to whxxx xxx convert a Traditional IRA. CONTRIBUTIONS Eligibility to Make Contributions Traditional IRA Contributions You are eligible to make a regular Traditional IRA contribution for any tax year in which you have earned income. However, you cannot make a Traditional IRA contribution for the calendar year you reach age 701/2 or for any later year. You must make your regular Traditional IRA contributions for any tax year during that tax year or by April 15th of the next year. You may make rollover contributions or transfers to your Traditional IRA at any time even if you have reached the age of 701/2 (see "Rollovers, Transfers and Conversions" below). If you are an employee, "earned income" means the amount shown as wages on the Form W-2 that you receive from your employer. If you are self-employed, your "earned income" is your net profits, if any, as shown on the "Net profits or loss" line on the Schedule C or C-EZ of your IRS Form 1040 less your self-employment tax deduction and contributions to a qualified retirement plan on your own behalf. If you are performing income-producing services as a partner in a partnership, your "earned income" is your share of the net partnership profits as shown on the Schedule K-1 of your partnership return (IRS Form 1065) less your self-employment tax deduction and contributions to a qualified retirement plan on your own behalf. In most cases, earned income will not include passive income, such as investment income or rental income. Roth IRA Contrxxxxxxxx You are eligible to make a regular Roth IRA contxxxxxxxx for any tax year in which you have earned income (described above), and if your Adjusted Gross Income (AGI) does not exceed the applicable tax year's maximum allowable AGI. Your AGI for this purpose is, in general, your income from all sources before any deductions. The instructions to your federal income tax return (i.e., Form 1040) will provide you with specific guidance on calculating your AGI for this purpose. For 1998, if you are single and your AGI is below $95,050, you may make a full $2,000 (or 100% of your earned income, if less) Roth IRA contxxxxxxxx. If your AGI is $110,000 or more, you cannot make any Roth IRA contrxxxxxxx. If your AGI is more than $95,050 and less than $110,000, and you...
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Related to Roth IRA

  • Rollover Contributions An amount which qualifies as a rollover contribution pursuant to the Federal Internal Revenue Code may be transferred to and paid under this contract as a contribution for a Participant. Prudential may require proof that the amount paid so qualifies.

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • Code Section 83(b) Election The Participant shall be permitted to make an election under Code Section 83(b), to include an amount in income in respect of the Award of Restricted Stock in accordance with the requirements of Code Section 83(b).

  • ANNUITY Payment of an income:

  • Qualified Nonelective Contributions If the Employer, at the time of contribution, designates a contribution to be a qualified nonelective contribution for the Plan Year, the Advisory Committee will allocate that qualified nonelective contribution to the Qualified Nonelective Contributions Account of each Participant eligible for an allocation of that designated contribution, as specified in Section 3.04 of the Employer's Adoption Agreement. The Advisory Committee will make the allocation to each eligible Participant's Account in the same ratio that the Participant's Compensation for the Plan Year bears to the total Compensation of all eligible Participants for the Plan Year. The Advisory Committee will determine a Participant's Compensation in accordance with the general definition of Compensation under Section 1.12 of the Plan, as modified by the Employer in Sections 1.12 and 3.06 of its Adoption Agreement.

  • Qualified Joint and Survivor Annuity An immediate annuity for the life of the Participant with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse and which is the amount of benefit which can be purchased with the Participant's vested account balance. The percentage of the survivor annuity under the Plan shall be 50% (unless a different percentage is elected by the Employer in the Adoption Agreement).

  • CODE SECTION 754 ELECTION Upon the approval of the General Partners, the Partnership shall file an election under Code Section 754 to adjust the tax basis of the Partnership Property, with respect to any distribution of Partnership Property to a Partner permitted by this Agreement or a Transfer of a Partnership Interest in accordance with the terms of this Agreement, in accordance with Code Sections 734(b) and 743(b). The Partners acknowledge that once a Code Section 754 election shall be validly filed by the Partnership, it shall remain in effect indefinitely thereafter unless the Internal Revenue Service approves the revocation of such election.

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

  • Employer Contributions If Employer contributions are permitted, complete (a) and/or (b). Otherwise complete (c).

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