Is There Anything Else Sample Clauses

Is There Anything Else. I Should Know? Article I Except in the case of a rollover contribution described in Section 408A(e) or 402A(c)(3)(A)(ii), a recharacterized contribution described in Section 408A(d)(6), or an ▇▇▇ Conversion Contribution, the Custodian will accept only cash contributions up to $4,000 for tax years 2005 through 2007, $5,000 for 2008 through 2012 and $5,500 for 2013 and thereafter. For individuals who have reached the age of 50 before the close of the tax year, the contribution limit is increased to $4,500 for tax year 2005, $5,000 for 2006 and 2007, $6,000 for tax years 2008 through 2012 and $6,500 for tax years 2013 and thereafter. For tax years after 2013, the above limits will be increased to reflect a cost-of-living adjustment, if any. 1. The annual contribution limit described in Article I is gradually reduced to $0 for higher income levels. For a single depositor in 2017, the annual contribution is phased out between modified adjusted gross income (AGI) of $118,000 and $133,000; for a married depositor filing jointly, between AGI of $186,000 to $196,000 and for a married depositor filing separately, between AGI of $0 and $10,000. Adjusted gross income is defined in Section 408A(c)(3) and does not include ▇▇▇ Conversion Contributions. 2. In the case of a joint return, the AGI limits in the preceding paragraph apply to the combined AGI of the depositor and his or her spouse. Article III The depositor’s interest in the balance in the custodial account is non-forfeitable. 1. No part of the custodial account funds may be invested in life insurance contracts, nor may the assets of the custodial account be commingled with other property except in a common trust fund or common investment fund (within the meaning of Section 408(a)(5)). 2. No part of the custodial account funds may be invested in collectibles (within the meaning of Section 408(m)) except as otherwise permitted by Section 408(m)(3), which provides an exception for certain gold, silver, and platinum coins, coins issued under the laws of any state, and certain bullion. 1. If the depositor dies before his or her entire interest is distributed to him or her and the depositor’s surviving spouse is not the designated beneficiary, the remaining interest will be distributed in accordance with (a) below or, if elected or there is no designated beneficiary, in accordance with (b) below: a. The remaining interest will be distributed, starting by the end of the calendar year following the year of the deposit...

Is There Anything Else. I Should Know? Article I Except in the case of a qualified rollover contribution described in section 408A(e) or a recharacterized contribution described in section 408A(d)(6), the custodian will accept only cash contributions up to $5,500 per year for 2013 through 2017. For individuals who have reached the age of 50 by the end of the year, the contribution limit is increased to $6,500 per year for 2013 through 2017. For years after 2017, these limits will be increased to reflect a cost-of-living adjustment, if any. 1. The annual contribution limit described in Article I is gradually reduced to $0 for higher income levels. For a grantor who is single or treated as single, the annual contribution is phased out between adjusted gross income (AGI) of $118,000 and $133,000; for a married grantor filing jointly, between AGI of $186,000 and $196,000; and for a married ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ separately, between AGI of $0 and $10,000. These phase-out ranges are for 2017. For years after 2017, the phase-out ranges, except for the $0 to $10,000 range, will be increased to reflect a cost-of-living adjustment, if any. Adjusted gross income is defined in section 408A(c)(3). 2. In the case of a joint return, the AGI limits in the preceding paragraph apply to the combined AGI of the depositor and his or her spouse. Article III The depositor’s interest in the balance in the custodial account is non-forfeitable. 1. No part of the custodial account funds may be invested in life insurance contracts, nor may the assets of the custodial account be commingled with other property except in a common trust fund or common investment fund (within the meaning of Section 408(a)(5)). 2. No part of the custodial account funds may be invested in collectibles (within the meaning of Section 408(m)) except as otherwise permitted by Section 408(m)(3), which provides an exception for certain gold, silver, and platinum coins, coins issued under the laws of any state, and certain bullion. 1. If the depositor dies before his or her entire interest is distributed to him or her and the depositor’s surviving spouse is not the designated beneficiary, the remaining interest will be distributed in accordance with (a) below or, if elected or there is no designated beneficiary, in accordance with (b) below: a. The remaining interest will be distributed, starting by the end of the calendar year following the year of the depositor’s death, over the designated beneficiary’s remaining life expectancy as determined ...