SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA into your Xxxx XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The amount of the 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 required to take a required minimum distribution for the year, you must remove your required minimum distribution before converting your SIMPLE IRA.
SIMPLE IRA-to-Xxxx XXX Conversions. If your MAGI is not more than $100,000 and you are not married filing a separate income tax return, you are eligible to convert all or any portion of your existing savings incentive match plan for employees of small employers (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. Beginning in 2010, the $100,000 MAGI limit and the married filing separate tax filing restriction will be eliminated for conversion eligibility. If you are age 701⁄2 or older you must remove your required minimum distribution prior to converting your SIMPLE IRA. The amount of the conversion from your SIMPLE IRA to your Xxxx XXX shall be treated as a distribution for income tax purposes and is includible in your gross income. Although the conversion amount is generally included in income, the 10 percent early distribution penalty shall not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent penalty.
SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA into your Xxxx XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The amount of the 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 conver- sions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent early distribu-
SIMPLE IRA-to-Xxxx XXX Conversions. If your modified adjusted gross income is not more than $100,000 and you are not married filing a separate income tax return, 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. Beginning in 2010, the $100,000 MAGI limit and the married filing separate tax filing restriction will be eliminated for conversion eligibility. If you are age 70½ or older you must remove your required minimum distribution prior to converting your SIMPLE IRA. The amount of the conversion from your SIMPLE IRA to your Xxxx XXX shall be treated as a distribution for income tax purposes, and is includible in your gross income. Although the conversion amount is generally included in income, the 10 percent early distribution penalty shall not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent penalty.
SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing SIMPLE IRA into your Xxxx XXX, provided two years have passed since you first participated in a SIMPLE IRA plan sponsored by your employer. The amount of the 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.
SIMPLE IRA-to-Xxxx XXX Conversions. You are eligible to convert all or any portion of your existing savings incentive match plan for employees of small employers (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. However, if you are age 70½ or older, you must remove your required minimum distribution prior to converting your SIMPLE IRA. The amount of the conversion from your SIMPLE IRA to your Xxxx XXX shall be treated as a distribution for income tax purposes and is includible in your gross income. Although the conversion amount is generally included in income, the 10 percent early distribution penalty shall not apply to conversions from a SIMPLE IRA to a Xxxx XXX, regardless of whether you qualify for any exceptions to the 10 percent penalty.
