Not a Designated Beneficiary Sample Clauses

Not a Designated Beneficiary. A beneficiary that is not a designated beneficiary includes a nonindividual that is an estate, charitable organization, or nonqualified trust. If your beneficiary is not a designated beneficiary and you die before your RBD, such a beneficiary is required to remove all assets from the IRA by December 31 of the fifth year following the year of your death (the five-year rule). If you die on or after your RBD, such a beneficiary must use your remaining single life expectancy to calculate the RMD. Your remaining single life expectancy divisor is determined in the year of your death using your age at the end of that year and then reducing the divisor by one for each subsequent year's calculation.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Not a Designated Beneficiary. A beneficiary that is not a designated statements reflecting the activity in your Xxxx XXX. You and the IRS will beneficiary includes a nonindividual that is an estate, charitable receive IRS Forms 5498, IRA Contribution Information, and 1099-R, organization, or nonqualified trust. If your beneficiary is not a Distributions From Pensions, Annuities, Retirement or Profit-Sharing designated beneficiary, such a beneficiary is required to remove all Plans, IRAs, Insurance Contracts, etc. IRS Form 5498 or an appropriate assets from the Xxxx XXX by December 31 of the fifth year following substitute indicates the fair market value of the account, including Xxxx the year of your death (the five-year rule). IRA contributions, for the year. IRS Form 1099-R reflects your Xxxx XXX
Sample 1Sample 2Sample 3See All (4)
Not a Designated Beneficiary. A beneficiary that is not a 2. Earnings. Earnings, including gains and losses, on your SIMPLE designated beneficiary includes a nonindividual that is an estate, IRA will not be subject to federal income taxes until they are charitable organization, or nonqualified trust. If your beneficiary is considered distributed. not a designated beneficiary and you die before your RBD, such a 3. Ordinary Income Taxation. Your taxable SIMPLE IRA beneficiary is required to remove all assets from the SIMPLE IRA distribution is usually included in gross income in the distribution by December 31 of the fifth year following the year of your death year. SIMPLE IRA distributions are not eligible for special tax (the five-year rule). If you die on or after your RBD, such a treatments, such as ten-year averaging, that may apply to other beneficiary must use your remaining single life expectancy to employer-sponsored retirement plan distributions.
Sample 1Sample 2
Not a Designated Beneficiary. A beneficiary that is not a designated beneficiary includes a nonindividual that is an estate, charitable organization, or nonqualified trust. If you are not a designated beneficiary and the IRA owner dies before his/her RBD, you are required to remove all assets from the IRA by December 31 of the fifth year following the year of the IRA owner’s death (the five-year rule). If the IRA owner dies after his/her RBD, you must use the IRA owner’s remaining single life expectancy to calculate the RMD. The IRA owner’s remaining single life expectancy divisor is determined in the year of the IRA owner’s death using the IRA owner’s age at the end of that year and then reducing the divisor by one for each subsequent year’s RMD calculation.
Sample 1Sample 2
Not a Designated Beneficiary. A beneficiary that is not a designated beneficiary is a nonindividual that is an estate, charitable organization, or nonqualified trust. If you are not a designated beneficiary, you are required to remove all assets from the Xxxx XXX by December 31 of the fifth year following the year of the IRA owner’s death (the five-year rule).
Sample 1Sample 2
Not a Designated Beneficiary. A beneficiary that is not a considered distributed. designated beneficiary includes a nonindividual that is an estate, 3. Ordinary Income Taxation. Your taxable SIMPLE IRA charitable organization, or nonqualified trust. If your beneficiary is distribution is usually included in gross income in the distribution not a designated beneficiary and you die before your RBD, such a year. SIMPLE IRA distributions are not eligible for special tax beneficiary is required to remove all assets from the SIMPLE IRA treatments, such as ten-year averaging, that may apply to other by December 31 of the fifth year following the year of your death employer-sponsored retirement plan distributions.
Sample 1
Not a Designated Beneficiary. A beneficiary that is not a designated statements reflecting the activity in your Roth IRA. You and the IRS will beneficiary includes a nonindividual that is an estate, charitable receive IRS Forms 5498, IRA Contribution Information, and 1099-R, organization, or nonqualified trust. If your beneficiary is not a Distributions From Pensions, Annuities, Retirement or Profit-Sharing designated beneficiary, such a beneficiary is required to remove all Plans, IRAs, Insurance Contracts, etc. IRS Form 5498 or an appropriate assets from the Roth IRA by December 31 of the fifth year following substitute indicates the fair market value of the account, including Roth the year of your death (the five-year rule). IRA contributions, for the year. IRS Form 1099-R reflects your Roth IRA
Sample 1
AutoNDA by SimpleDocs

Related to Not a Designated Beneficiary

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • Spouse The spouse of an eligible employee (if legally married under Minnesota law). For the purposes of health insurance coverage, if that spouse works full-time for an organization employing more than one hundred (100) people and elects to receive either credits or cash (1) in place of health insurance or health coverage or (2) in addition to a health plan with a seven hundred and fifty dollar ($750) or greater deductible through his/her employing organization, he/she is not eligible to be a covered dependent for the purposes of this Article. If both spouses work for the State or another organization participating in the State's Group Insurance Program, neither spouse may be covered as a dependent by the other, unless one spouse is not eligible for a full Employer Contribution as defined in Section 3A. Effective January 1, 2015 if both spouses work for the State or another organization participating in the State’s Group Insurance Program, a spouse may be covered as a dependent by the other.

  • Beneficiary The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.

  • Leave Without Pay for Relocation of Spouse (a) At the request of an employee, leave without pay for a period of up to one (1) year shall be granted to an employee whose spouse is permanently relocated and up to five (5) years to an employee whose spouse is temporarily relocated.

  • Intended Beneficiaries Nothing in this Agreement shall be construed to give any person or entity other than the parties hereto any legal or equitable claim, right or remedy. Rather, this Agreement is intended to be for the sole and exclusive benefit of the parties hereto.

  • Beneficiary Designation The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Agreement is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Director of Human Resources of the Company during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named:

Time is Money Join Law Insider Premium to draft better contracts faster.