Examples of Xxxx XXX in a sentence
You may convert all or a portion of your SIMPLE IRA assets to a Xxxx XXX, including XXX Xxxx and SIMPLE Xxxx IRAs. Your conversion assets are subject to federal income tax.
However, notwithstanding the preceding limits on contributions, a Xxxx XXX Owner may make additional contributions specifically authorized by statute – such as repayments of qualified reservist distributions, repayments of certain plan distributions made on account of a federally declared disaster and certain amounts received in connection with the Exxon Xxxxxx litigation.
The purpose of this Agreement is to establish a Traditional IRA under Code Section 408(a) or a Xxxx XXX under Code Section 408A, as indicated on the Adoption Agreement, to provide for the IRA Owner’s retirement and for the support of his or her Beneficiary(ies) after death.
Movement of Assets Between SIMPLE and Xxxx IRAs. SIMPLE IRA to Xxxx XXX Conversions.
You may not convert SIMPLE IRA assets to a Xxxx XXX until the two-year holding period has expired.