Common use of Premature Distributions Clause in Contracts

Premature Distributions. In addition to any regular income tax that may be payable, distributions from your IRA ▇▇▇t occur before you reach age 59 1/2 (except in the event of disability, death, rollover, medical expenses in excess of 7.5% of adjusted gross income, medical insurance premiums in the event of unemployment or as a qualifying distribution of an excess contribution), will be assessed a 10% additional income tax on the amount distributed which is includible in your gross income. However, the additional 10% income tax will not be imposed if the distribution is one of a scheduled series of level payments to be made over your life or life expectancy or over the joint lives or joint life expectancies of you and your beneficiary. Amounts treated as distributions from the IRA ▇▇▇ause of pledging the IRA ▇▇ described below, or prohibited transactions as described below, will also be considered premature distributions if they occur before you reach age 59 1/2 (assuming you are not disabled).

Premature Distributions. In addition to any regular income tax that may be payable, distributions from your IRA ▇▇▇t that occur before you reach age 59 1/2 (except in the event of disability▇▇▇ability, death, rollover, medical expenses in excess of 7.5% of adjusted gross income, medical insurance premiums in the event of unemployment or as a qualifying distribution of an excess contribution), will be assessed a 10% additional income tax on the amount distributed which is includible in your gross income. However, the additional 10% income tax will not be imposed if the distribution is one of a scheduled series of level payments to be made over your life or life expectancy or over the joint lives or joint life expectancies of you and your beneficiary. Amounts treated as distributions from the IRA ▇▇▇ause because of pledging the IRA ▇▇ as described below, or prohibited transactions t▇▇▇sactions as described belowbel▇▇, will also be considered premature distributions if they occur before you reach age 59 1/2 (assuming you are not disabled).