Amount of Contribution. You may make annual regular contributions to an IRA in any amount up to 100% of your compensation for the year or $2,000, whichever is less. Qualifying rollover contributions and transfers are not subject to this limitation. In addition, if you are married and file a joint return, you may make contributions to your spouse's IRA. However, the maximum amount contributed to both your own and to your spouse's IRA may not exceed 100% of your combined compensation or $4,000, whichever is less. Moreover, the annual contribution to either your account or your spouse's account may not exceed $2,000. Note that a different rule for spousal IRAs applied for tax years beginning before January 1, 1997.
Appears in 2 contracts
Sources: Individual Retirement Custodial Account (Thurlow Funds Inc), Individual Retirement Custodial Account Agreement (Eastcliff Funds Inc)
Amount of Contribution. You may make annual regular ---------------------- contributions to an IRA in any amount up to 100% of your compensation for the year or $2,000, whichever is less. Qualifying rollover contributions and transfers are not subject to this limitation. In addition, if you are married and file a joint return, you may make contributions to your spouse's IRA. However, the maximum amount contributed to both your own and to your spouse's IRA may not exceed 100% of your combined compensation or $4,000, whichever is less. Moreover, the annual contribution to either your account or your spouse's account may not exceed $2,000. Note that a different rule for spousal IRAs applied for tax years beginning before January 1, 1997.
Appears in 1 contract
Sources: Individual Retirement Custodial Account (Jefferson Fund Group Trust)