No Rollovers of RMDs Sample Clauses

No Rollovers of RMDs. An RMD must be satisfied before you can roll over any portion of your SIMPLE IRA account balance. The first distributions made during a year will be considered RMDs and can be satisfied by earlier distributions from your other traditional IRAs or SIMPLE IRAs that are aggregated. Any RMD that is rolled over will be subject to taxation and considered an excess contribution until corrected.
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No Rollovers of RMDs. An RMD must be satisfied before you can each subsequent year. roll over any portion of your SIMPLE IRA account balance. The If your spouse chooses the ten-year rule, he/she is required to first distributions made during a year will be considered RMDs and remove all assets from the SIMPLE IRA by December 31 of the can be satisfied by earlier distributions from your other traditional tenth year following the year of your death. IRAs or SIMPLE IRAs that are aggregated. Any RMD that is rolled If your spouse is the only designated beneficiary, or if there are over will be subject to taxation and considered an excess multiple designated beneficiaries and separate accounting applies, contribution until corrected. he/she can treat your SIMPLE IRA as his/her own IRA after 6. Transfers of RMDs. Transfers are not considered distributions. your death even if he/she had chosen one of the options above. You can transfer any portion of your traditional IRA or SIMPLE This generally happens after any of your remaining RMD IRA at any time during the year provided you satisfy your aggregate amount for the year of your death has been distributed. RMDs before the end of the distribution year. Your spouse beneficiary can take a distribution of part or all of
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No Rollovers of RMDs. An RMD must be satisfied before you can
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No Rollovers of RMDs. An RMD must be satisfied before you can not rolled over, will return to you a proportionate share of the roll over any portion of your IRA account balance. The first taxable and nontaxable balances in all of your traditional IRAs and distributions made during a year will be considered RMDs and can SIMPLE IRAs at the end of the tax year of your distributions. IRS be satisfied by earlier distributions from your other traditional IRAs Form 8606, Nondeductible IRAs, has been specifically designed to (including SEP IRAs) or SIMPLE IRAs that are aggregated. Any calculate this proportionate return. You must complete IRS Form RMD that is rolled over will be fully taxable and considered an 8606 each year you take distributions under these circumstances, excess contribution until corrected. and attach it to your tax return for that year to validate the 6. Transfers of RMDs. Transfers are not considered distributions. nontaxable portion of your IRA distributions reported for that year. You can transfer any portion of your traditional IRA or SIMPLE
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No Rollovers of RMDs. An RMD must be satisfied before you can his/her RMDs until the end of the year in which you would have roll over any portion of your SIMPLE IRA account balance. The attained age 73. If you die on or after your RBD, your surviving first distributions made during a year will be considered RMDs and spouse will use the longer of his/her single life expectancy, can be satisfied by earlier distributions from your other traditional determined each year after the year of death using his/her IRAs or SIMPLE IRAs that are aggregated. Any RMD that is rolled attained age, or your remaining single life expectancy determined in your year of death and reduced by one each subsequent year. If your spouse beneficiary chooses the ten-year rule, he/she is beneficiaries of the qualifying trust are treated as the beneficiaries of required to remove all assets from the SIMPLE IRA by your SIMPLE IRA for purposes of determining the appropriate December 31 of the tenth year following the year of your death. distribution period. A qualifying trust provides documentation of its Your spouse beneficiary can treat your SIMPLE IRA as his/her beneficiaries to the trustee. own IRA if your spouse is the only designated beneficiary, or if 7. Successor Beneficiaries. Our policy may allow your beneficiaries there are multiple designated beneficiaries and separate to name their own successor beneficiaries to your SIMPLE IRA. A accounting applies. He/she has this option even if he/she had successor beneficiary would receive any of your SIMPLE IRA chosen one of the other options above. This generally happens assets that remain after your death and the subsequent death of your after any of your remaining RMD amount for the year of your beneficiaries. Generally, the beneficiary will have to distribute all death has been distributed. the remaining SIMPLE IRA assets within a ten-year period or the Your spouse beneficiary can take a distribution of part or all of remainder of the original beneficiary's ten-year period. his/her share of your SIMPLE IRA and roll it over to an IRA of 8. Separate Accounting (Multiple Beneficiaries). Our policies may his/her own, less any RMD. permit separate accounting to be applied to your SIMPLE IRA for
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No Rollovers of RMDs. An RMD must be satisfied before you can spouse will use the longer of his/her single life expectancy, roll over any portion of your SIMPLE IRA account balance. The determined each year after the year of death using his/her first distributions made during a year will be considered RMDs and attained age, or your remaining single life expectancy determined can be satisfied by earlier distributions from your other traditional in your year of death and reduced by one each subsequent year. IRAs or SIMPLE IRAs that are aggregated. Any RMD that is rolled If your spouse beneficiary chooses the ten-year rule, he/she is over will be subject to taxation and considered an excess contribution until corrected.
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Related to No Rollovers of RMDs

  • Limitations on Contributions By executing this Agreement, Contractor acknowledges its obligations under Section 1.126 of the City’s Campaign and Governmental Conduct Code, which prohibits any person who contracts with, or is seeking a contract with, any department of the City for the rendition of personal services, for the furnishing of any material, supplies or equipment, for the sale or lease of any land or building, for a grant, loan or loan guarantee, or for a development agreement, from making any campaign contribution to (i) a City elected official if the contract must be approved by that official, a board on which that official serves, or the board of a state agency on which an appointee of that official serves, (ii) a candidate for that City elective office, or (iii) a committee controlled by such elected official or a candidate for that office, at any time from the submission of a proposal for the contract until the later of either the termination of negotiations for such contract or twelve months after the date the City approves the contract. The prohibition on contributions applies to each prospective party to the contract; each member of Contractor’s board of directors; Contractor’s chairperson, chief executive officer, chief financial officer and chief operating officer; any person with an ownership interest of more than 10% in Contractor; any subcontractor listed in the bid or contract; and any committee that is sponsored or controlled by Contractor. Contractor certifies that it has informed each such person of the limitation on contributions imposed by Section 1.126 by the time it submitted a proposal for the contract, and has provided the names of the persons required to be informed to the City department with whom it is contracting.

  • Rollovers Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution are reportable when you file your income taxes. You must irrevocably elect to treat such contributions as rollovers. Xxxx XXX-to-Xxxx XXX Rollover. You may withdraw, tax free, all or a portion of your Xxxx XXX if you contribute the amount withdrawn into the same or another Xxxx XXX as a rollover. When completing a rollover from a Xxxx XXX to a Xxxx XXX, you must generally complete the rollover transaction within 60 days from the date you receive the distribution from the distributing Xxxx XXX. Only one IRA distribution within any 12-month period may be rolled over in an IRA-to-IRA rollover transaction. The 12-month waiting period begins on the date you receive an IRA distribution that you subsequently roll over, not on the date you complete the rollover transaction. Amounts withdrawn (including any amounts withheld for federal, state, or other income taxes that you did not receive) that are not rolled over will be treated as a distribution from the Xxxx XXX and may be subject to tax and/or early distribution penalty. Employer Retirement Plan-to-Xxxx XXX Rollover (by Xxxx XXX Owner). Eligible rollover distributions consisting of designated Xxxx contributions (and earnings thereon) from a 401(k), 403(b), or 457(b) plan may be rolled over, directly or indirectly, to your Xxxx XXX. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution from a designated Xxxx account in a 401(k), 403(b) or 457(b) plan to a Xxxx XXX, the portion of the distribution that constitutes the contribution basis is treated as basis in your Xxxx XXX. If you roll over a qualified distribution from a designated Xxxx account in a 401(k), 403(b) or 457(b) plan, the entire amount of the rollover contribution is considered basis in the Xxxx XXX. Eligible rollover distributions from qualifying employer retirement plans may be rolled over, directly or indirectly, to your Xxxx XXX, if you meet applicable eligibility requirements. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, and 403(a) arrangements. Amounts rolled over from an employer plan to a Xxxx XXX (other than amounts distributed from a designated Xxxx account) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-tax employee contributions). However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your Xxxx XXX. Required minimum distributions may not be rolled over. To complete a direct rollover, from an employer plan to your Xxxx XXX, you must generally instruct the plan administrator to send the distribution directly to your Xxxx XXX Custodian. To complete an indirect rollover to your Xxxx XXX, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penalties. Employer Retirement Plan-to-Xxxx XXX Rollover (by Inherited Xxxx XXX Owner). Please refer to the section of this document entitled “Inherited Xxxx XXX.” Xxxx XXX-to-Employer Plan Rollovers Not Permitted. Distributions from your Xxxx XXX are not eligible for rollover to a designated Xxxx account in a 401(k), 403(b), or 457(b) plan. Conversions to Xxxx IRAs. Generally, you may convert all or a portion of your Traditional IRA (or SIMPLE IRA) to a Xxxx XXX provided you meet any applicable eligibility requirements as defined in the Code and Regulations. To complete a conversion of a SIMPLE IRA distribution to a Xxxx XXX, at least two years must have elapsed from the date on which you first participated in any SIMPLE IRA Plan maintained by the employer. Except for amounts that represent basis, amounts converted are generally treated as taxable distributions. However, the premature distribution penalty that typically applies to taxable withdrawals taken prior to age 59½, does not apply to amounts converted from a Traditional IRA (or SIMPLE IRA) to a Xxxx XXX. Required minimum distributions may not be converted. Conversions are not subject to the 12 month rollover restriction that typically applies to rollovers between IRAs. Rollover of Exxon Xxxxxx Settlement Income. Certain income received as an Exxon Xxxxxx qualified settlement may be rolled over to a Xxxx XXX or another eligible retirement plan. The amount contributed cannot exceed the lesser of $100,000 (reduced by the amount of any qualified settlement income contributed to an eligible retirement plan in prior tax years) or the amount of qualified settlement income received during the tax year. Contributions for the year can be made until the due date for filing your return, not including extensions. Qualified settlement income that is contributed to a Xxxx XXX is included in your taxable income for the year the qualified settlement income was received, and treated as part of your cost basis (investment in the contract) in the Xxxx XXX that is not taxable when distributed. Rollover of Military Death Gratuity or Servicemembers’ Group Life Insurance (SGLI) Program. Eligible death payments including military death gratuities and SGLI payments may be rolled over, tax-free into a Xxxx XXX. The amount you can roll over to your Xxxx XXX cannot exceed the total amount that you received reduced by any part of that amount that was contributed to a Xxxxxxxxx ESA or another Xxxx XXX. Any military death gratuity or SGLI payment contributed to a Xxxx XXX is disregarded for purposes of the 12-month waiting period between rollovers. The rollover must be completed within one year of the date on which the payment is received. The amount contributed to your Xxxx XXX is treated as part of your cost basis (investment in the contract) in the Xxxx XXX that is not taxable when distributed. You can contribute (roll over) all or part of the amount received to your Xxxx XXX. RECHARACTERIZATIONS Recharacterizing a Contribution/Conversion. You may “recharacterize” a contribution/conversion made to one type of IRA (either Traditional or Xxxx XXX) and treat it as if it was made to a different type of IRA (Traditional or Xxxx XXX). Both the contribution/conversion amount and the net income attributable to the contribution/conversion must be transferred. If there was a loss, the amount of any loss will reduce the amount you recharacterize. The deadline for completing a recharacterization is your tax return due date (including any extensions) for the year for which the contribution/conversion was made to the first IRA. Recharacterization requests must be made in a form and manner acceptable to the Custodian. Report recharacterizations to the IRS by attaching a statement to your Form 1040. You may also need to file Form 8606 with your income taxes. For assistance with recharacterizations, refer to IRS Pub. 590-A and/or your tax advisor. Reconversion. A reconversion occurs when you convert Traditional IRA (or SIMPLE IRA) assets that have been previously converted and recharacterized. A reconversion must occur in a subsequent year to the prior conversion, or if later, after 30 days have elapsed since the recharacterization. TRANSFERS Transfers. You may move your Xxxx XXX from one trustee or custodian to a Xxxx XXX maintained by another trustee or custodian by requesting a direct transfer. Federal law does not limit the number of transfers you may make during any year. Transfers Incident to Divorce. Under a valid divorce decree, separate maintenance decree, or other valid court order, your Xxxx XXX may be transferred to your ex- spouse or you may receive all or part of your ex-spouse’s Xxxx XXX.

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