Common use of Limitations and Restrictions Clause in Contracts

Limitations and Restrictions. ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ – If you are married and have compensation, you may contribute to a ▇▇▇▇ ▇▇▇ established for the benefit of your spouse, regardless of whether your spouse has compensation. You must file a joint income tax return for the year for which the contribution is made. Estate Tax – Amounts payable to your spouse, as your named beneficiary, may qualify for a marital tax deduction for federal estate tax purposes. Special Tax Treatment – Capital gains treatment and 10-year income averaging authorized by IRC Sec. 402 do not apply to ▇▇▇▇ ▇▇▇ distributions. Distributions under $10 will not be reported on IRS Form 1099-R (as allowed under IRS regulations) – However, you must still report these distributions to the IRS on your Form 1040 (as well as other forms that may be required to properly file your tax return).

Limitations and Restrictions. ▇▇▇▇▇▇▇ Spousal ▇▇▇▇ ▇▇▇ – If you are married and have compensation, you may contribute to a ▇▇▇▇ ▇▇▇ established for the benefit of your spouse, regardless of whether your spouse has compensation. You must file a joint income tax return for the year for which the contribution is made. Estate Tax – Amounts payable to your spouse, as your named beneficiary, may qualify for a marital tax deduction for federal estate tax purposes. Special Tax Treatment – Capital gains treatment and 10-year income averaging authorized by IRC Sec. 402 do not apply to ▇▇▇▇ ▇▇▇ distributions. Distributions under $10 will not be reported on IRS Form 1099-R (as allowed under IRS regulations) – However, you must still report these distributions to the IRS on your Form 1040 (as well as other forms that may be required to properly file your tax return).