Deductibility of Contributions. All contributions made by an Employer shall be conditioned upon their deductibility by the Employer for income tax purposes; provided, however, that no contributions shall be returned to an Employer except as provided in Section 6.3.
Deductibility of Contributions. You may deduct, subject to the otherwise applicable limits, those contributions made to a SEP. Contributions to the SEP are deductible for your taxable year with or within which the plan year of the SEP ends. Contributions made for a particular taxable year and contributed by the due date of your income tax return, including extensions, are deemed made in that taxable year.
Deductibility of Contributions. Notwithstanding any other provisions herein contained, all contributions made under the Plan are hereby expressly conditioned upon their deductibility under Code Section 404, as amended from time to time, and, if the deduction for any contribution is disallowed in whole or in part, then such contribution (to the extent the deduction is disallowed) will, upon the direction of the Administrative Committee, be returned to the Company or the party who made it without liability to any person.
Deductibility of Contributions. No deduction is allowed for Xxxx XXX contributions, including transfers, rollovers, and conversion contributions.
Deductibility of Contributions. When it comes to taking a tax deduction for your Traditional IRA contribution(s) your eligibility is based on whether you and your spouse are active participants in an employer‐sponsored retirement plan, your tax return filing status, and the amount of your modified adjusted gross income (“MAGI”).
Deductibility of Contributions. In no event shall the contributions by the Employer under this Article III, when combined with amounts contributed pursuant to any other provisions of the Plan and any other plan of the Employer qualified under Section 401(a) of the Code, exceed the amount deductible pursuant to Sections 404(a)(3)(A) or 404(a)(7) of the Code, or any future Code provision limiting deductions with respect to profit sharing plans.
Deductibility of Contributions. 24 10.6 Receipt or Release...................................................................................24 10.7
Deductibility of Contributions. Contributions to your Xxxx XXX (or your spouse's Xxxx XXX) are not deductible from your gross income on your federal income tax return. Excess Contributions - Any contributions to your Xxxx XXX (including spousal contributions to your spouse's Xxxx XXX) which exceed the maximum allowable contribution are excess contributions. Any excess contributions which are not withdrawn or eliminated (by treating such amounts as contributions for the succeeding year) prior to the due date for filing your federal income tax return (including any extensions) will be subject to a 6% penalty tax under section 4973 of the Code. Total Contributions to Traditional and Xxxx IRAs - You may not make more than the applicable maximum annual contribution (not including transfers, qualified rollovers, and recharacterizations) to all of your IRAs combined, including deductible and nondeductible contributions to your Traditional IRAs and nondeductible contributions to your Xxxx IRAs. This applicable maximum annual contribution limitation does not apply to Xxxxxxxxx Education Savings Accounts, SIMPLE IRAs, or SEP IRAs. Tax Credit - Taxpayers earning less than a specified amount will be eligible to receive a tax credit in the amount of 10%, 20%, or 50% (depending on tax return filing status and income) of up to $2,000 in XXX contributions and other elective deferrals. For 2012, the income thresholds are $28,750 (single), $43,125 (head of household), or $57,500 (married filing jointly). For 2013, the income thresholds are $29,500 (single). $44,250 (head of household), or $59,000 (married filing jointly). The income thresholds will be increased in future years to reflect cost of living increases. The credit is subject to reduction if the individual or the individual's spouse receives distributions from a qualified retirement plan, governmental 457 plan, or Xxxx XXX during the taxable year in which the credit is claimed or during the two taxable years before the credit is claimed. A taxpayer is only eligible for the credit if the taxpayer is age 18 or over, is not claimed as a dependent on another person's tax return, and is not a full-time student. If you think you may be eligible for the tax credit, you should consult your tax advisor or refer to the IRS publications and tax form instructions on the credit for more information. Military death gratuity or Servicemembers' Group Life Insurance (SGLI) payment - An individual who receives such payments may contribute the amount received to a ...
Deductibility of Contributions. Generally, you may deduct the full amount of your IRA contribution from your gross income (other than rollover or transfer contributions) up to the annual amount allowable under Code Section 219(b) if you are not an “active participant” in an employer-sponsored retirement plan. If your spouse is an active participant in an employer-sponsored retirement plan and your AGI exceeds $150,000, the amount of your IRA deduction is phased-out over your AGI up to $160,000. If you are an active participant in an employer-sponsored retirement plan, your eligibility to deduct the amount of your IRA contribution is phased-out based on the amount of your AGI depending on the year and your filing status. Even if you cannot deduct part or all of your IRA contribution, you still may be eligible to contribute up to the maximum annual IRA contribution amount allowable under the Code. The maximum annual contribution amount allowable under the Code may vary from year to year. In addition, if you are age 50 or older, you may be eligible to make additional “catch-up” contributions to your IRA depending on AGI.
Deductibility of Contributions. No deduction is allowed for CESA contributions, including transfer and rollover contributions.
