Traditional XXX Sample Clauses

Traditional XXX. Under the 2011 Code, income taxes will be paid with respect to the contributions made by the Customer to the XXX. Pursuant to a ruling issued to the Trust by the Puerto Rico Treasury Department, the interest income generated from such deposits will be tax exempt when distributed to the Customers. The 2011 Code also provides that interest earned on deposits in Puerto Rico banking institutions is eligible for an income tax exclusion, currently of up to $2,000 ($4,000 if married filing jointly). To the extent such interest in any given year exceeds the amount excludable from gross income, the amount in excess may be subject to a tax rate of ten percent (10%) if the taxpayer elects that such interest be subject to withholding at source. Therefore, interest in excess of $2,000 ($4,000 if married filing jointly) generated by XXX, may be subject to a ten percent (10%) tax at the Customer’s election. The Customer also may opt to be taxed at a tax rate of ten percent (10%), to be withheld at source, on such part of the total or partial distribution from his/her XXX that consists of income from sources within Puerto Rico, as such term is defined by the Secretary of Treasury for such purposes. If the distribution is not considered a Qualified Distribution, as explained above, then it will be subject to a 10% penalty imposed by the 2011 Code or 15% in case of having prepaid income taxes. If a Customer is currently receiving retirement benefits from the Commonwealth of Puerto Rico Employee Retirement System or its instrumentalities, the Judiciary Employee Retirement System, or the Teacher’s Retirement System and requests a total or partial distribution from its XXX, he/she may elect to be taxed at a special 10% tax rate, instead of the tax rates described above, on those amounts attributable to nonexempt interest or to appreciation in value on the account The Code provides for various categories of tax-exempt income and income subject to preferential tax rates to be considered for purposes of Alternate Minimum Tax (AMT) for individuals. At present, AMT applies to individual taxpayers with incomes subject to an AMT of $25,000 or more. The AMT top rate is 24% for incomes subject to an AMT in excess of $250,000. These provisions may affect the taxation of taxpayers that receive XXX Distributions that include interests that would be otherwise exempt from regular income tax or subject to preferential tax rates. The Customer should consult a financial and/or legal counselor ...
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