Common use of Regular Contribution Limit Clause in Contracts

Regular Contribution Limit. The limit on regular contributions described in (a) above is gradually reduced to $0 between certain levels of modified adjusted gross income ("modified AGI," as defined below). For an Owner who is single or is a head of household, the maximum annual regular contribution is phased out between modified AGI of $95,000 and $110,000; for an Owner who is married filing a joint return or is a qualifying widow(er), between modified AGI of $150,000 and $160,000; and for an Owner who is married filing a separate return, between modified AGI of $0 and $10,000. If the Owner's modified AGI for a taxable year is in the phase-out range, the maximum regular contribution determined under the previous paragraph for that taxable year is rounded up to the next multiple of $10 and is not reduced below $200. After 2006, the dollar amounts above will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 408A(c)(3). Such adjustments will be in multiples of $1,000. If the Owner makes regular contributions to both Roth IRAs and nonRoth IRAs for a taxable year, the maximum regular contribution that can be made to all the Owner's Roth IRAs for that taxable ▇▇▇▇ is reduced by the regular contributions made to the Owner's nonRoth IRAs for the taxable year.

Regular Contribution Limit. The limit on maximum regular contributions described in contribution that can be made to all the Owner's ▇▇▇▇ IRAs for a taxable year is the smaller amount determined under (ai) above or (ii). (i) The maximum regular contribution is gradually reduced to $0 phased out ratably between certain levels of modified adjusted gross income ("modified AGI," as defined in (h) below). For an Owner who is single ) in accordance with the following table: Full No Filing Status Contribution Phase-out Range Contribution Modified AGI Single or is a head of household, the maximum annual regular contribution is phased out between modified AGI Head of $95,000 105,000 Between $105,000 $120,000 Household. or less and $110,000; for an Owner who is married filing a joint return 120,000 or is a qualifying widow(er), between modified AGI of more Joint Return or $150,000 167,000 Between $167,000 $160,000 Qualifying Widow(er) or less and $160,000; and for an Owner who is married filing a separate return, between modified AGI of 177,000 or more Married-Separate. $0 Between $0 and $10,000. 10,000 Return $10,000 or more If the Owner's modified AGI for a taxable year is in the phase-out range, the maximum regular contribution determined under the previous paragraph this table for that taxable year is rounded up to the next multiple of $10 and is not reduced below $200. After 2006, the The dollar amounts above will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section § 408A(c)(3). Such adjustments will be in multiples of $1,000. . (ii) If the Owner makes regular contributions to both Roth IRAs ▇▇▇▇ and nonRoth IRAs for a taxable year, the maximum regular contribution that can be made to all the Owner's Roth ▇▇▇▇ IRAs for that taxable ▇▇▇▇ year is reduced by the regular contributions made to the Owner's nonRoth IRAs for the taxable year.