Common use of Regular Contribution Limit Clause in Contracts

Regular Contribution Limit. If (i) and/or (ii) below apply, the maximum regular contribution that can be made to all the individual's ▇▇▇▇ IRAs for a taxable year is the smaller amount determined under (i) or (ii). i. The maximum regular contribution is phased out ratably between certain levels of modified adjusted gross income ("modified AGI," defined in (g) below) in accordance section 408A of the Code, the provisions of which are herein incorporated by reference. The following table is an example of the provisions under section 408A: Filing Status Full Contribution Phase-out Range No Contribution Single or Head of Household $95,000 or less Between $95,000 and $110,000 $110,000 or more Joing Return or Qualifying Widow(er) $150,000 or less Between $150,000 and $160,000 $160,000 Married-Separate Return $0 Between $0 and $10,000 $10,000 or more If the individual's modified AGI for a taxable year is in the phase-out range, the maximum regular contribution determined under this table for that taxable year is rounded up to the next multiple of $10 and is not reduced below $200. ii. If the individual makes regular contributions to both ▇▇▇▇ and non-▇▇▇▇ IRAs for a taxable year, the maximum regular contribution that can be made to all the individual's ▇▇▇▇ IRAs for that taxable year is reduced by the regular contributions made to the individual's non-▇▇▇▇ IRAs for the taxable year.