SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA(s) into your Xxxx XXX(s), provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. If you convert to a Xxxx XXX, the amount of the con- version from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes, and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are age 70½ or older, you must remove your required minimum distri- bution before converting your SIMPLE IRA.
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Samples: www.stifel.com, Stifel Account, Stifel Account
SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA(s) into your Xxxx XXX(s), provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. If you convert to a Xxxx XXX, the amount of the con- version from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes, and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are age 70½ or olderrequired to take a required minimum distribution for the year, you must remove your required minimum distri- bution distribution before converting your SIMPLE IRA.
Appears in 1 contract
Samples: Stifel Account
SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA(s) into your Xxxx XXX(s), provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. If you convert to a Xxxx XXX, the amount of the con- version conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes, and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are age 70½ 72 or older, older you must remove your required minimum distri- bution distribution before converting your SIMPLE IRA.
Appears in 1 contract
Samples: Directed Account Agreement
SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA(s) IRA into your Xxxx XXX(s)XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. If you convert to a Xxxx XXX, the The amount of the con- version conversion from your SIMPLE IRA to your Xxxx XXX will be treated as a distribution for income tax purposes, purposes and is includible in your gross income. Although the conversion amount generally is included in income, the 10 percent early distribution dis- tribution penalty tax will not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribution penalty tax. If you are age 70½ or older, you must remove your required minimum distri- bution distribution before converting your SIMPLE IRA.
Appears in 1 contract
Samples: Stifel Account