Maximum Permissible Amount. Except in the case of a rollover contribution (as permitted by Code Sections 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3), and 457(e)(16)) or a contribution made in accordance with the terms of a simplified employee pension (SEP) plan as described in Code Section 408(k), no contributions will be accepted unless they are in cash, and the total of such contributions shall not exceed the lesser of 100 percent of the Traditional IRA Owner’s Compensation, or $5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 219(b)(5)(D). Such adjustments will be in multiples of $500. If the Traditional IRA Owner makes regular contributions to both Traditional and ▇▇▇▇ IRAs for a taxable year, the maximum regular contribution that can be made to all the Traditional IRA Owner’s Traditional IRAs for that taxable year is reduced by the regular contributions made to the Traditional IRA Owner’s ▇▇▇▇ IRAs for the taxable year.
Appears in 58 contracts
Sources: Ira Prototype Plan Agreement, Ira Prototype Plan Agreement, Ira Kit Agreement
Maximum Permissible Amount. Except in the case of a rollover contribution (as permitted by Code Sections 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3), and 457(e)(16)) or a contribution made in accordance with the terms of a simplified employee pension (SEP) plan as described in Code Section 408(k), no contributions will be accepted unless they are in cash, and the total of such contributions shall not exceed the lesser of 100 percent of the Traditional IRA Owner’s Compensation, or $5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the limit will be adjusted by the Secretary of the Treasury for cost-cost- of-living increases under Code Section 219(b)(5)(D). Such adjustments will be in multiples of $500. If the Traditional IRA Owner makes regular contributions to both Traditional and ▇▇▇▇ IRAs for a taxable year, the maximum regular contribution that can be made to all the Traditional IRA Owner’s Traditional IRAs for that taxable year is reduced by the regular contributions made to the Traditional IRA Owner’s ▇▇▇▇ IRAs for the taxable year.
Appears in 4 contracts
Sources: Ira Prototype Agreement and Disclosure Statement, Ira Prototype Agreement and Disclosure Statement, Ira Prototype Agreement
Maximum Permissible Amount. Except in the case of a rollover contribution (as permitted by Code Sections 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3), and 457(e)(16)) or a contribution made in accordance with the terms of a simplified employee pension (SEP) plan as described in Code Section 408(k), no contributions will be accepted unless they are in cash, and the total of such contributions shall not exceed the lesser of 100 percent of the Traditional IRA ▇▇▇ Owner’s Compensation, or $5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the limit will be adjusted by the Secretary of the Treasury for cost-cost- of-living increases under Code Section 219(b)(5)(D). Such adjustments will be in multiples of $500. If the Traditional IRA ▇▇▇ Owner makes regular contributions to both Traditional and ▇▇▇▇ IRAs for a taxable year, the maximum regular contribution that can be made to all the Traditional IRA ▇▇▇ Owner’s Traditional IRAs for that taxable year is reduced by the regular contributions made to the Traditional IRA ▇▇▇ Owner’s ▇▇▇▇ IRAs for the taxable year.
Appears in 2 contracts
Sources: Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement
Maximum Permissible Amount. Except in the case of a rollover contribution (as permitted by Code Sections 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3), and 457(e)(16)) or a contribution made in accordance with the terms of a simplified employee pension (SEP) plan as described in Code Section 408(k), no contributions will be accepted unless they are in cash, and the total of such contributions shall not exceed the lesser of 100 percent of the Traditional IRA ▇▇▇ Owner’s Compensation, or $5,000 for any taxable year beginning in 2008 and years thereafter. After 2008, the limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 219(b)(5)(D). Such adjustments will be in multiples of $500. If the Traditional IRA ▇▇▇ Owner makes regular contributions to both Traditional and ▇▇▇▇ IRAs for a taxable year, the maximum regular contribution that can be made to all the Traditional IRA ▇▇▇ Owner’s Traditional IRAs for that taxable year is reduced by the regular contributions made to the Traditional IRA ▇▇▇ Owner’s ▇▇▇▇ IRAs for the taxable year.
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