Rollover Contributions. Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution are reportable when you file your income taxes. You must irrevocably elect to treat such contributions as rollovers. ▇▇▇▇ ▇▇▇-to-▇▇▇▇ ▇▇▇ Rollover. You may withdraw, tax free, all or a portion of your ▇▇▇▇ ▇▇▇ if you contribute the amount withdrawn within 60 days from the date you receive the distribution into the same or another ▇▇▇▇ ▇▇▇ as a rollover. Only one ▇▇▇ distribution within any 12-month period may be rolled over in an ▇▇▇-to-▇▇▇ rollover transaction. The 12-month waiting period begins on the date you receive an ▇▇▇ distribution that you subsequently roll over, not on the date you complete the rollover transaction. Amounts withdrawn (including any amounts withheld for federal, state, or other income taxes that you did not receive) that are not rolled over will be treated as a distribution from the ▇▇▇▇ ▇▇▇ and may be subject to tax and/or early distribution penalty. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by ▇▇▇▇ ▇▇▇ Owner). Eligible rollover distributions consisting of ▇▇▇▇ 401(k), ▇▇▇▇ 403(b), or ▇▇▇▇ 457(b) assets may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b) to a ▇▇▇▇ ▇▇▇, the portion of the distribution that constitutes the contribution basis is treated as basis in your ▇▇▇▇ ▇▇▇. If you roll over a qualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b), the entire amount of the rollover contribution is considered basis in the ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. Eligible rollover distributions consisting of pre-tax and after-tax assets from qualifying employer retirement plans may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇, if you meet applicable eligibility requirements defined in the Internal Revenue Code or regulations. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, and 403(a) arrangements. Amounts rolled over from an employer plan to a ▇▇▇▇ ▇▇▇ (other than amounts distributed from a designated ▇▇▇▇ account) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-tax employee contributions). However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. To complete a direct rollover, from an employer plan to your ▇▇▇▇ ▇▇▇, you must generally instruct the plan administrator to send the distribution directly to your ▇▇▇▇ ▇▇▇ Custodian. To complete an indirect rollover to your ▇▇▇▇ ▇▇▇, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penalties. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by Inherited ▇▇▇▇ ▇▇▇ Owner). Please refer to the section of this document entitled “Inherited ▇▇▇▇ ▇▇▇”. ▇▇▇▇ ▇▇▇-to-Employer Plan Rollovers Not Permitted. Distributions from your ▇▇▇▇ ▇▇▇ are not eligible for rollover to a designated ▇▇▇▇ account in a ▇▇▇▇ 401(k) plan, ▇▇▇▇ 403(b) plan, or ▇▇▇▇ 457(b) plan.
Appears in 2 contracts
Sources: Roth Ira Custodial Account Agreement, Roth Inherited Ira Adoption Agreement
Rollover Contributions. Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution are reportable when you file your income taxes. You must irrevocably elect to treat such contributions as rollovers. ▇▇▇▇ ▇▇▇-to-▇▇▇▇ ▇▇▇ Rollover. You may withdraw, tax free, all or a portion of your ▇▇▇▇ ▇▇▇ if you contribute the amount withdrawn within 60 days from the date you receive the distribution into the same or another ▇▇▇▇ ▇▇▇ as a rollover. Only one ▇▇▇ IRA distribution within any 12-month period may be rolled over in an ▇▇▇-to-▇▇▇ IRA-to-IRA 60 day rollover transaction. The 12-12- month waiting period begins on the date you receive an ▇▇▇ IRA distribution that you subsequently roll over, not on the date you complete the rollover transaction. Amounts withdrawn (including any amounts withheld for federal, state, or other income taxes that you did not receive) that are not rolled over will be treated as a distribution from the ▇▇▇▇ ▇▇▇ and may be subject to tax and/or early distribution penalty. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by ▇▇▇▇ ▇▇▇ Owner). Eligible rollover distributions consisting of ▇▇▇▇ 401(k), ▇▇▇▇ 403(b), or ▇▇▇▇ 457(b) assets may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b) to a ▇▇▇▇ ▇▇▇, the portion of the distribution that constitutes the contribution basis is treated as basis in your ▇▇▇▇ ▇▇▇. If you roll over a qualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b), the entire amount of the rollover contribution is considered basis in the ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. Eligible rollover distributions consisting of pre-tax and after-tax assets from qualifying employer retirement plans may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇, if you meet applicable eligibility requirements defined in the Internal Revenue Code or regulations. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, and 403(a) arrangements. Amounts rolled over from an employer plan to a ▇▇▇▇ ▇▇▇ (other than amounts distributed from a designated ▇▇▇▇ account) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-tax employee contributions). However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. To complete a direct rollover, from an employer plan to your ▇▇▇▇ ▇▇▇, you must generally instruct the plan administrator to send the distribution directly to your ▇▇▇▇ ▇▇▇ Custodian. To complete an indirect rollover to your ▇▇▇▇ ▇▇▇, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. However, if you inadvertently fail to complete the rollover of a distribution within 60 days, you may be able to obtain a waiver of the 60-day time limit through a self- certification procedure if you meet certain requirements. Additionally, for certain qualified plan loan offsets (which is generally the amount an employer retirement plan account balance is reduced, or offset, to repay a loan from such plan, when the employer plan terminates, or because the participant severed from employment), you may have until the due date (including extensions) for your tax return for the tax year in which the offset occurs to complete the rollover to your ▇▇▇▇ ▇▇▇. If your plan loan offset is not “qualified,” then you have 60 days from the date the offset occurs to complete your rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penalties. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by Inherited ▇▇▇▇ ▇▇▇ Owner). Please refer to the section of this document entitled “Inherited ▇▇▇▇ ▇▇▇”. ▇▇▇▇ ▇▇▇-to-Employer Plan Rollovers Not Permitted. Distributions from your ▇▇▇▇ ▇▇▇ are not eligible for rollover to a designated ▇▇▇▇ account in a ▇▇▇▇ 401(k) plan, ▇▇▇▇ 403(b) plan, or ▇▇▇▇ 457(b) plan.
Appears in 1 contract
Sources: Roth Ira Custodial Account Agreement
Rollover Contributions. Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution are reportable when you file your income taxes. You must irrevocably elect to treat such contributions as rollovers. ▇▇▇▇ ▇▇▇-to-▇▇▇▇ ▇▇▇ Rollover. You may withdraw, tax free, all or a portion of your ▇▇▇▇ ▇▇▇ if you contribute the amount withdrawn within 60 days from the date you receive the distribution into the same or another ▇▇▇▇ ▇▇▇ as a rollover. Only one ▇▇▇ distribution within any 12-month period may be rolled over in an ▇▇▇-to-▇▇▇ 60 day rollover transaction. The 12-12- month waiting period begins on the date you receive an ▇▇▇ distribution that you subsequently roll over, not on the date you complete the rollover transaction. Amounts withdrawn (including any amounts withheld for federal, state, or other income taxes that you did not receive) that are not rolled over will be treated as a distribution from the ▇▇▇▇ ▇▇▇ and may be subject to tax and/or early distribution penalty. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by ▇▇▇▇ ▇▇▇ Owner). Eligible rollover distributions consisting of ▇▇▇▇ 401(k), ▇▇▇▇ 403(b), or ▇▇▇▇ 457(b) assets may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b) to a ▇▇▇▇ ▇▇▇, the portion of the distribution that constitutes the contribution basis is treated as basis in your ▇▇▇▇ ▇▇▇. If you roll over a qualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b), the entire amount of the rollover contribution is considered basis in the ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. Eligible rollover distributions consisting of pre-tax and after-tax assets from qualifying employer retirement plans may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇, if you meet applicable eligibility requirements defined in the Internal Revenue Code or regulations. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, and 403(a) arrangements. Amounts rolled over from an employer plan to a ▇▇▇▇ ▇▇▇ (other than amounts distributed from a designated ▇▇▇▇ account) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-tax employee contributions). However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. To complete a direct rollover, from an employer plan to your ▇▇▇▇ ▇▇▇, you must generally instruct the plan administrator to send the distribution directly to your ▇▇▇▇ ▇▇▇ Custodian. To complete an indirect rollover to your ▇▇▇▇ ▇▇▇, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. However, if you inadvertently fail to complete the rollover of a distribution within 60 days, you may be able to obtain a waiver of the 60-day time limit through a self- certification procedure if you meet certain requirements. Additionally, for certain qualified plan loan offsets (which is generally the amount an employer retirement plan account balance is reduced, or offset, to repay a loan from such plan, when the employer plan terminates, or because the participant severed from employment), you may have until the due date (including extensions) for your tax return for the tax year in which the offset occurs to complete the rollover to your ▇▇▇▇ ▇▇▇. If your plan loan offset is not “qualified,” then you have 60 days from the date the offset occurs to complete your rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penalties. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by Inherited ▇▇▇▇ ▇▇▇ Owner). Please refer to the section of this document entitled “Inherited ▇▇▇▇ ▇▇▇”. ▇▇▇▇ ▇▇▇-to-Employer Plan Rollovers Not Permitted. Distributions from your ▇▇▇▇ ▇▇▇ are not eligible for rollover to a designated ▇▇▇▇ account in a ▇▇▇▇ 401(k) plan, ▇▇▇▇ 403(b) plan, or ▇▇▇▇ 457(b) plan.
Appears in 1 contract
Sources: Roth Ira Custodial Account Agreement
Rollover Contributions. Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution If you are reportable when required to take minimum distributions because you file your income taxesare age 70½ or older, you may not roll over any required minimum distributions. You must irrevocably elect to treat such contributions as rollovers. ▇▇▇▇ ▇▇▇-to-▇▇▇▇ ▇▇▇ Rollover. You may withdraw, tax free, all or a portion part of the amounts in your ▇▇▇▇ ▇▇▇ if you contribute the amount withdrawn reinvest those amounts within 60 days from the date you receive the distribution into the same or another ▇▇▇▇ . You may only roll over one distribution from each ▇▇▇ as a rollover. Only one ▇▇▇ distribution within any 12-month period may be rolled over in an ▇▇▇-to-▇▇▇ rollover transactionevery 12 months. The 12-month waiting period begins on the date you receive an the ▇▇▇ distribution that you subsequently roll overdistribution, not on the date you complete the rollover transaction. Amounts withdrawn (including any amounts withheld for federal, state, or other income taxes that you did not receive) that are not rolled roll it over will be treated as a distribution from the into an ▇▇▇▇ . In addition, the amounts rolled to a subsequent ▇▇▇ and may not be subject rolled over again until 12 months has elapsed. SIMPLE ▇▇▇ to Traditional ▇▇▇ Rollover. To complete a rollover of your SIMPLE ▇▇▇ to your Traditional ▇▇▇, at least two years must have elapsed from your initial SIMPLE ▇▇▇ contribution. The two-year waiting period begins on the first day you participated in your employer's SIMPLE ▇▇▇ plan. If the two-year period has elapsed, you may withdraw, tax and/or early free, all or part of the amounts in your SIMPLE ▇▇▇ if you reinvest those amounts within 60 days into your ▇▇▇. You may only roll over one distribution penaltyfrom each SIMPLE ▇▇▇ every 12 months. The 12-month waiting period begins on the date you receive the SIMPLE ▇▇▇ distribution, not on the date you roll it over into an ▇▇▇. In addition, the amounts rolled to a Traditional ▇▇▇ may not be rolled over again until 12 months has elapsed. Employer Retirement Plan-to-▇▇▇▇ Plan to ▇▇▇ Rollover (by ▇▇▇▇ ▇▇▇ Owner). Eligible rollover distributions consisting of ▇▇▇▇ 401(k), ▇▇▇▇ 403(b), or ▇▇▇▇ 457(bfrom qualifying employer retirement plan(s) assets may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b) to a ▇▇▇▇ ▇▇▇, the portion of the distribution that constitutes the contribution basis is treated as basis in your ▇▇▇▇ ▇▇▇. If you roll over a qualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b), the entire amount of the rollover contribution is considered basis in the ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. Eligible rollover distributions consisting of pre-tax and after-tax assets from qualifying employer retirement plans may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇, if you meet applicable eligibility requirements defined in the Internal Revenue Code or regulations. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, arrangements and 403(a) arrangements. Amounts that may not be rolled over from an employer plan to include any required minimum distributions, hardship distributions, any part of a series of substantially equal periodic payments, or distributions consisting of ▇▇▇▇ ▇▇▇ (other than amounts distributed from a designated 401(k) or ▇▇▇▇ account403(b) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-tax employee contributions)assets. However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your ▇▇▇▇ Conduit ▇▇▇. Required minimum distributions You may not be rolled over. To complete a direct rollover, from an employer plan to use your ▇▇▇ as a holding account (conduit) for amounts you receive in an eligible rollover distribution from one employer's retirement plan that you later roll over into a new employer's retirement plan. The conduit ▇▇▇ must be made up of only those amounts and earnings on those amounts. Should you combine or add other amounts, e.g., regular contributions, to your conduit ▇▇▇, you must generally instruct the may not be able to take advantage of special tax rules available for certain qualified plan administrator to send the distribution directly to amounts. Consult your ▇▇▇▇ ▇▇▇ Custodian. To complete an indirect rollover to your ▇▇▇▇ ▇▇▇, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount tax advisor for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penaltiesadditional information. Employer Retirement Plan-to-▇▇▇▇ Plan to ▇▇▇ Rollover (by Inherited ▇▇▇▇ ▇▇▇ Owner). Please refer to the section of this document entitled “Inherited ▇▇▇” of this document. ▇▇▇ Rollover to Employer's Retirement Plan. If your employer's retirement plan accepts rollovers from IRAs, you may complete a direct or indirect rollover of your pre-tax assets in your Traditional ▇▇▇. Conversion of ▇▇▇ to ▇▇▇▇ ▇▇▇”. Generally, you may convert all or part of your ▇▇▇ to a ▇▇▇▇ ▇▇▇ provided you meet current eligibility requirements as defined in the Code and Regulations. Amounts converted are treated as taxable distributions (unless any amounts represent nondeductible contributions). However, if you are under age 59½ and completing an eligible conversion, the premature distribution penalty tax does not apply. Required minimum distributions may not be converted. RECHARACTERIZATIONS Recharacterize a Contribution/Conversion. You may "recharacterize" a contribution/conversion made to one type of ▇▇▇ (either Traditional or ▇▇▇▇ ▇▇▇-to-Employer Plan Rollovers Not Permitted. Distributions from your ) and treat it as if it was made to a different type of ▇▇▇ (Traditional or ▇▇▇▇ ▇▇▇ are not eligible ▇). Both the contribution/conversion amount along with the net income attributable to the contribution/conversion must be transferred. If there was a loss, the amount of any loss will reduce the amount you recharacterize. The deadline for rollover to completing a designated ▇recharacterization is your tax return due date (including any extensions) for the year for which the contribution/conversion was Reconversion. A reconversion occurs when you convert ▇▇▇ account assets that have been previously converted and recharacterized. A reconversion must occur in a ▇▇▇▇ 401(k) plan, ▇▇▇▇ 403(b) plansubsequent year to the prior conversion, or ▇▇▇▇ 457(b) plan.if later, after 30 days has elapsed since the recharacterization. TRANSFERS
Appears in 1 contract
Sources: Traditional and Roth Individual Retirement Account Custodial Agreement
Rollover Contributions. Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution If you are reportable when required to take minimum distributions because you file your income taxesare age 70½ or older, you may not roll over any required minimum distributions. You must irrevocably elect to treat such contributions as rollovers. ▇▇▇▇ ▇▇▇-to-▇▇▇▇ ▇▇▇ Rollover. You may withdraw, tax free, all or a portion part of the amounts in your ▇▇▇▇ ▇▇▇ if you contribute the amount withdrawn reinvest those amounts within 60 days from the date you receive the distribution into the same or another ▇▇▇▇ . You may only roll over one distribution from each ▇▇▇ as a rollover. Only one ▇▇▇ distribution within any 12-month period may be rolled over in an ▇▇▇-to-▇▇▇ rollover transactionevery 12 months. The 12-month waiting period begins on the date you receive an the ▇▇▇ distribution that you subsequently roll overdistribution, not on the date you complete the rollover transaction. Amounts withdrawn (including any amounts withheld for federal, state, or other income taxes that you did not receive) that are not rolled roll it over will be treated as a distribution from the into an ▇▇▇▇ . In addition, the amounts rolled to a subsequent ▇▇▇ and may not be subject rolled over again until 12 months has elapsed. SIMPLE ▇▇▇ to Traditional ▇▇▇ Rollover. To complete a rollover of your SIMPLE ▇▇▇ to your Traditional ▇▇▇, at least two years must have elapsed from your initial SIMPLE ▇▇▇ contribution. The two-year waiting period begins on the first day you participated in your employer's SIMPLE ▇▇▇ plan. If the two-year period has elapsed, you may withdraw, tax and/or early free, all or part of the amounts in your SIMPLE ▇▇▇ if you reinvest those amounts within 60 days into your ▇▇▇. You may only roll over one distribution penaltyfrom each SIMPLE ▇▇▇ every 12 months. The 12-month waiting period begins on the date you receive the SIMPLE ▇▇▇ distribution, not on the date you roll it over into an ▇▇▇. In addition, the amounts rolled to a Traditional ▇▇▇ may not be rolled over again until 12 months has elapsed. Employer Retirement Plan-to-▇▇▇▇ Plan to ▇▇▇ Rollover (by ▇▇▇▇ ▇▇▇ Owner). Eligible rollover distributions consisting of ▇▇▇▇ 401(k), ▇▇▇▇ 403(b), or ▇▇▇▇ 457(bfrom qualifying employer retirement plan(s) assets may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b) to a ▇▇▇▇ ▇▇▇, the portion of the distribution that constitutes the contribution basis is treated as basis in your ▇▇▇▇ ▇▇▇. If you roll over a qualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b), the entire amount of the rollover contribution is considered basis in the ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. Eligible rollover distributions consisting of pre-tax and after-tax assets from qualifying employer retirement plans may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇, if you meet applicable eligibility requirements defined in the Internal Revenue Code or regulations. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, arrangements and 403(a) arrangements. Amounts that may not be rolled over from an employer plan to include any required minimum distributions, hardship distributions, any part of a series of substantially equal periodic payments, or distributions consisting of ▇▇▇▇ ▇▇▇ (other than amounts distributed from a designated 401(k) or ▇▇▇▇ account403(b) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-tax employee contributions)assets. However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your ▇▇▇▇ Conduit ▇▇▇. Required minimum distributions You may not be rolled over. To complete a direct rollover, from an employer plan to use your ▇▇▇ as a holding account (conduit) for amounts you receive in an eligible rollover distribution from one employer's retirement plan that you later roll over into a new employer's retirement plan. The conduit ▇▇▇ must be made up of only those amounts and earnings on those amounts. Should you combine or add other amounts, e.g., regular contributions, to your conduit ▇▇▇, you must generally instruct the may not be able to take advantage of special tax rules available for certain qualified plan administrator to send the distribution directly to amounts. Consult your ▇▇▇▇ ▇▇▇ Custodian. To complete an indirect rollover to your ▇▇▇▇ ▇▇▇, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount tax advisor for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penaltiesadditional information. Employer Retirement Plan-to-▇▇▇▇ Plan to ▇▇▇ Rollover (by Inherited ▇▇▇▇ ▇▇▇ Owner). Please refer to the section of this document entitled “Inherited ▇▇▇” of this document. ▇▇▇ Rollover to Employer's Retirement Plan. If your employer's retirement plan accepts rollovers from IRAs, you may complete a direct or indirect rollover of your pre-tax assets in your Traditional ▇▇▇. Conversion of ▇▇▇ to ▇▇▇▇ ▇▇▇”. Generally, you may convert all or part of your ▇▇▇ to a ▇▇▇▇ ▇▇▇ provided you meet current eligibility requirements as defined in the Code and Regulations. Amounts converted are treated as taxable distributions (unless any amounts represent nondeductible contributions). However, if you are under age 59½ and completing an eligible conversion, the premature distribution penalty tax does not apply. Required minimum distributions may not be converted. RECHARACTERIZATIONS Recharacterize a Contribution/Conversion. You may "recharacterize" a contribution/conversion made to one type of ▇▇▇ (either Traditional or ▇▇▇▇ ▇▇▇-to-Employer Plan Rollovers Not Permitted. Distributions from your ) and treat it as if it was made to a different type of ▇▇▇ (Traditional or ▇▇▇▇ ▇▇▇ are not eligible ▇). Both the contribution/conversion amount along with the net income attributable to the contribution/conversion must be transferred. If there was a loss, the amount of any loss will reduce the amount you recharacterize. The deadline for rollover completing a recharacterization is your tax return due date (including any extensions) for the year for which the contribution/conversion was made to a designated the first ▇▇▇▇ account . Recharacterization requests must be made in a ▇form and manner acceptable to the Custodian. Report recharacterizations to the IRS by attaching a statement to your Form 1040. You may also need to file Form 8606. Reconversion. A reconversion occurs when you convert ▇▇▇ 401(k) plan, ▇▇▇▇ 403(b) planassets that have been previously converted and recharacterized. A reconversion must occur in a subsequent year to the prior conversion, or ▇▇▇▇ 457(b) plan.if later, after 30 days has elapsed since the recharacterization. TRANSFERS
Appears in 1 contract
Sources: Traditional and Roth Individual Retirement Account Custodial Agreement
Rollover Contributions. Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution deposit are reportable when you file your income taxes. You must irrevocably elect to treat such contributions as rollovers. ▇▇▇▇ ▇▇▇-to-▇ to ▇▇▇▇ ▇▇▇ Rollover. You may withdraw, tax free, all or a portion part of the amounts in your ▇▇▇▇ ▇▇▇ if you contribute the amount withdrawn reinvest those amounts within 60 days from the date you receive the distribution into the same or another ▇▇▇▇ ▇▇▇ as a rollover▇. Only You may only roll over one distribution from each ▇▇▇▇ distribution within any 12-month period may be rolled over in an ▇▇▇-to-▇▇▇ rollover transactionevery 12 months. The 12-month waiting period begins on the date you receive an ▇▇▇ distribution that you subsequently roll over, not on the date you complete the rollover transaction. Amounts withdrawn (including any amounts withheld for federal, state, or other income taxes that you did not receive) that are not rolled over will be treated as a distribution from the ▇▇▇▇ ▇▇▇ and distribution, not on the date you roll it over into a ▇▇▇▇ ▇▇▇. In addition, the amounts rolled to a subsequent ▇▇▇▇ ▇▇▇ may not be subject to tax and/or early distribution penaltyrolled over again until 12 months has elapsed. Employer Retirement Plan-to-Plan to ▇▇▇▇ ▇▇▇ Rollover (by ▇▇▇▇ ▇▇▇ Owner). Eligible rollover distributions consisting of ▇▇▇▇ 401(k), ) or ▇▇▇▇ 403(b), or ▇▇▇▇ 457(b) assets may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution is rolled over from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b403(b) to a ▇▇▇▇ ▇▇▇, the portion of the distribution that constitutes the contribution basis is treated as basis in your ▇▇▇▇ ▇▇▇nontaxable and taxable rollover amounts must still be tracked. If you roll over a qualified distribution from a ▇▇▇▇ 401(k), ) or ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b)is rolled over, the entire amount of the rollover contribution is considered basis in the ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. Eligible rollover distributions consisting of pre-tax and after-tax assets from qualifying employer retirement plans may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇, if you meet applicable eligibility requirements defined in the Internal Revenue Code or regulations. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, and 403(a) arrangements. Amounts rolled over from an employer plan to a ▇▇▇▇ ▇▇▇ (other than amounts distributed from a designated ▇▇▇▇ account) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-tax employee contributions). However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. To complete a direct rollover, from an employer plan to your ▇▇▇▇ ▇▇▇, you must generally instruct the plan administrator to send the distribution directly to your ▇▇▇▇ ▇▇▇ Custodian. To complete an indirect rollover to your ▇▇▇▇ ▇▇▇, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penalties. Employer Retirement Plan-to-Plan to ▇▇▇▇ ▇▇▇ Rollover (by Inherited ▇▇▇▇ ▇▇▇ Owner). Please refer to the section of this document entitled “Inherited ▇▇▇▇ ▇▇▇”” of this document. ▇▇▇▇ ▇▇▇-to-▇ to Employer Plan Rollovers Rollover Not PermittedEligible. Distributions from your ▇▇▇▇ ▇▇▇ are not eligible for rollover to a designated ▇▇▇▇ account in a ▇▇▇▇ 401(k) plan, plan or ▇▇▇▇ 403(b) plan, or . Conversions to ▇▇▇▇ 457(b) IRAs. Generally, if you meet current eligibility requirements as defined by the Code and Regulations, you may convert all or part of your Traditional or SIMPLE IRA to a ▇▇▇▇ ▇▇▇. To convert a SIMPLE IRA to your ▇▇▇▇ ▇▇▇ at least two years must have elapsed from the initial SIMPLE IRA contribution made by you or on your behalf under your employer’s SIMPLE IRA plan.. Further, you cannot convert any portion of a required minimum distribution that you are required to take from your Traditional or SIMPLE IRA because you are age 70½ or older. RECHARACTERIZATIONS
Appears in 1 contract
Sources: Roth Individual Retirement Account Custodial Agreement
Rollover Contributions. Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution deposit are reportable when you file your income taxes. You must irrevocably elect to treat such contributions as rollovers. ▇▇▇▇ ▇▇▇-to-▇ to ▇▇▇▇ ▇▇▇ Rollover. You may withdraw, tax free, all or a portion part of the amounts in your ▇▇▇▇ ▇▇▇ if you contribute the amount withdrawn reinvest those amounts within 60 days from the date you receive the distribution into the same or another ▇▇▇▇ ▇▇▇ as a rollover▇. Only You may only roll over one distribution from each ▇▇▇▇ distribution within any 12-month period may be rolled over in an ▇▇▇-to-▇▇▇ rollover transactionevery 12 months. The 12-month waiting period begins on the date you receive an ▇▇▇ distribution that you subsequently roll over, not on the date you complete the rollover transaction. Amounts withdrawn (including any amounts withheld for federal, state, or other income taxes that you did not receive) that are not rolled over will be treated as a distribution from the ▇▇▇▇ ▇▇▇ and distribution, not on the date you roll it over into a ▇▇▇▇ ▇▇▇. In addition, the amounts rolled to a subsequent ▇▇▇▇ ▇▇▇ may not be subject to tax and/or early distribution penaltyrolled over again until 12 months has elapsed. Employer Retirement Plan-to-Plan to ▇▇▇▇ ▇▇▇ Rollover (by ▇▇▇▇ ▇▇▇ Owner). Eligible rollover distributions consisting of ▇▇▇▇ 401(k), ) or ▇▇▇▇ 403(b), or ▇▇▇▇ 457(b) assets may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution is rolled over from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b403(b) to a ▇▇▇▇ ▇▇▇, the portion of the distribution that constitutes the contribution basis is treated as basis in your ▇▇▇▇ ▇▇▇nontaxable and taxable rollover amounts must still be tracked. If you roll over a qualified distribution from a ▇▇▇▇ 401(k), ) or ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b)is rolled over, the entire amount of the rollover contribution is considered basis in the ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. Eligible rollover distributions consisting of pre-tax and after-tax assets from qualifying employer retirement plans may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇, if you meet applicable eligibility requirements defined in the Internal Revenue Code or regulations. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, and 403(a) arrangements. Amounts rolled over from an employer plan to a ▇▇▇▇ ▇▇▇ (other than amounts distributed from a designated ▇▇▇▇ account) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-tax employee contributions). However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. To complete a direct rollover, from an employer plan to your ▇▇▇▇ ▇▇▇, you must generally instruct the plan administrator to send the distribution directly to your ▇▇▇▇ ▇▇▇ Custodian. To complete an indirect rollover to your ▇▇▇▇ ▇▇▇, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penalties. Employer Retirement Plan-to-Plan to ▇▇▇▇ ▇▇▇ Rollover (by Inherited ▇▇▇▇ ▇▇▇ Owner). Please refer to the section of this document entitled “Inherited ▇▇▇▇ ▇▇▇”” of this document. ▇▇▇▇ ▇▇▇-to-▇ to Employer Plan Rollovers Rollover Not PermittedEligible. Distributions from your ▇▇▇▇ ▇▇▇ are not eligible for rollover to a designated ▇▇▇▇ account in a ▇▇▇▇ 401(k) plan, plan or ▇▇▇▇ 403(b) plan, or . Conversions to ▇▇▇▇ 457(b) IRAs. Generally, if you meet current eligibility requirements as defined by the Code and Regulations, you may convert all or part of your Traditional or SIMPLE IRA to a ▇▇▇▇ ▇▇▇. To convert a SIMPLE IRA to your ▇▇▇▇ ▇▇▇ at least two years must have elapsed from the initial SIMPLE IRA contribution made by you or on your behalf under your employer‟s SIMPLE IRA plan.. Further, you cannot convert any portion of a required minimum distribution that you are required to take from your Traditional or SIMPLE IRA because you are age 70½ or older. RECHARACTERIZATIONS
Appears in 1 contract
Sources: Roth Individual Retirement Account Custodial Agreement
Rollover Contributions. Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution are reportable when you file your income taxes. You must irrevocably elect to treat such contributions as rollovers. ▇▇▇▇ ▇▇▇-to-▇▇▇▇ ▇▇▇ Rollover. You may withdraw, tax free, all or a portion of your ▇▇▇▇ ▇▇▇ if you contribute the amount withdrawn within 60 days from the date you receive the distribution into the same or another ▇▇▇▇ ▇▇▇ as a rollover. Only one ▇▇▇ IRA distribution within any 12-month period may be rolled over in an ▇▇▇-to-▇▇▇ IRA-to-IRA rollover transaction. The 12-month waiting period begins on the date you receive an ▇▇▇ IRA distribution that you subsequently roll over, not on the date you complete the rollover transaction. Amounts withdrawn (including any amounts withheld for federal, state, or other income taxes that you did not receive) that are not rolled over will be treated as a distribution from the ▇▇▇▇ ▇▇▇ and may be subject to tax and/or early distribution penalty. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by ▇▇▇▇ ▇▇▇ Owner). Eligible rollover distributions consisting of ▇▇▇▇ 401(k), ▇▇▇▇ 403(b), or ▇▇▇▇ 457(b) assets may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b) to a ▇▇▇▇ ▇▇▇, the portion of the distribution that constitutes the contribution basis is treated as basis in your ▇▇▇▇ ▇▇▇. If you roll over a qualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b), the entire amount of the rollover contribution is considered basis in the ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. Eligible rollover distributions consisting of pre-tax and after-tax assets from qualifying employer retirement plans may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇, if you meet applicable eligibility requirements defined in the Internal Revenue Code or regulations. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, and 403(a) arrangements. Amounts rolled over from an employer plan to a ▇▇▇▇ ▇▇▇ (other than amounts distributed from a designated ▇▇▇▇ account) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-tax employee contributions). However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. To complete a direct rollover, from an employer plan to your ▇▇▇▇ ▇▇▇, you must generally instruct the plan administrator to send the distribution directly to your ▇▇▇▇ ▇▇▇ Custodian. To complete an indirect rollover to your ▇▇▇▇ ▇▇▇, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penalties. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by Inherited ▇▇▇▇ ▇▇▇ Owner). Please refer to the section of this document entitled “Inherited ▇▇▇▇ ▇▇▇”. ▇▇▇▇ ▇▇▇-to-Employer Plan Rollovers Not Permitted. Distributions from your ▇▇▇▇ ▇▇▇ are not eligible for rollover to a designated ▇▇▇▇ account in a ▇▇▇▇ 401(k) plan, ▇▇▇▇ 403(b) plan, or ▇▇▇▇ 457(b) plan. Conversions to ▇▇▇▇ IRAs. Generally, you may convert all or a portion of your Traditional IRA (or SIMPLE IRA) to a ▇▇▇▇ ▇▇▇ provided you meet any applicable eligibility requirements as defined in the Code and Regulations. To complete a conversion of a SIMPLE IRA distribution to a ▇▇▇▇ ▇▇▇, at least two years must have elapsed from the date on which you first participated in any SIMPLE IRA Plan maintained by the employer. Rollover of Exxon ▇▇▇▇▇▇ Settlement Income. Certain income received as an Exxon ▇▇▇▇▇▇ qualified settlement may be rolled over to a ▇▇▇▇ ▇▇▇ or another eligible retirement plan. The amount contributed cannot exceed the lesser of $100,000 (reduced by the amount of any qualified settlement income contributed to an eligible retirement plan in prior tax years) or the amount of qualified settlement income received during the tax year. Contributions for the year can be made until the due date for filing your return, not including extensions. Qualified settlement income that is contributed to a ▇▇▇▇ ▇▇▇ is included in your taxable income for the year the qualified settlement income was received, and treated as part of your cost basis (investment in the contract) in the ▇▇▇▇ ▇▇▇ that is not taxable when distributed. Rollover of Military Death Gratuity or SGLI (Servicemembers’ Group Life Insurance) Program. Eligible death payments including military death gratuities and SGLI payments may be rolled over, tax-free into a ▇▇▇▇ ▇▇▇. The amount you can roll over to your ▇▇▇▇ ▇▇▇ cannot exceed the total amount that you received reduced by any part of that amount that was contributed to a ▇▇▇▇▇▇▇▇▇ ESA or another ▇▇▇▇ ▇▇▇. Any military death gratuity or SGLI payment contributed to a ▇▇▇▇ ▇▇▇ is disregarded for purposes of the 12-month waiting period between rollovers. The rollover must be completed within one year of the date on which the payment is received. The amount contributed to your ▇▇▇▇ ▇▇▇ is treated as part of your cost basis (investment in the contract) in the ▇▇▇▇ ▇▇▇ that is not taxable when distributed. You can contribute (roll over) all or part of the amount received to your ▇▇▇▇ ▇▇▇. RECHARACTERIZATIONS Recharacterizing a Contribution/Conversion. You may “recharacterize” a contribution/conversion made to one type of IRA (either Traditional or ▇▇▇▇ ▇▇▇) and treat it as if it was made to a different type of IRA (Traditional or ▇▇▇▇ ▇▇▇). Both the contribution/conversion amount and the net income attributable to the contribution/conversion must be transferred. If there was a loss, the amount of any loss will reduce the amount you recharacterize. The deadline for completing a recharacterization is your tax return due date (including any extensions) for the year for which the contribution/conversion was made to the first IRA.
Appears in 1 contract
Sources: Roth Individual Retirement Account Custodial Agreement
Rollover Contributions. Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution are reportable when you file your income taxes. You must irrevocably elect to treat such contributions as rollovers. ▇▇▇▇ ▇▇▇-to-▇▇▇▇ ▇▇▇ Indirect Rollover. : You may withdraw, tax free, all or a portion of your ▇▇▇▇ ▇▇▇ if you contribute the amount withdrawn within 60 days from the date you receive the distribution into the same or another ▇▇▇▇ ▇▇▇ as a an indirect rollover. Only one ▇▇▇ IRA distribution within any 12-month period may be rolled over in an ▇▇▇-to-▇▇▇ IRA-to-IRA 60 day indirect rollover transaction. The 12-month waiting period begins on the date you receive an ▇▇▇ IRA distribution that you subsequently roll over, not on the date you complete the indirect rollover transaction. Amounts withdrawn (including any amounts amount withheld for federal, state, or other income taxes that you did not receive) that are not rolled over will be treated as a distribution from the ▇▇▇▇ ▇▇▇ and may be subject to tax and/or early distribution penalty. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by ▇▇▇▇ ▇▇▇ Owner). ): Eligible rollover distributions consisting of ▇▇▇▇ 401(k), ▇▇▇▇ 403(b), or ▇▇▇▇ 457(b) assets may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b) to a ▇▇▇▇ ▇▇▇, the portion of the distribution that constitutes the contribution basis is treated as basis in your ▇▇▇▇ ▇▇▇. If you roll over a qualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b), the entire amount of the rollover contribution is considered basis in the ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. ▇ Eligible rollover distributions consisting of pre-tax and after-tax assets from qualifying employer retirement plans may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇, if you meet applicable eligibility requirements defined in the Internal Revenue Code or regulations. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, and 403(a) arrangements. Amounts rolled over from an employer plan to a ▇▇▇▇ ▇▇▇ (other than amounts distributed from a designated ▇▇▇▇ account) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-after- tax employee contributions). However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. To complete a direct rollover, from an employer plan to your ▇▇▇▇ ▇▇▇, you must generally instruct the plan administrator to send the distribution directly to your ▇▇▇▇ ▇▇▇ Custodian. To complete an indirect rollover to your ▇▇▇▇ ▇▇▇, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. However, if you inadvertently fail to complete the rollover of a distribution within 60 days, you may be able to obtain a waiver of the 60-day time limit through a self certification procedure if you meet certain requirements. Additionally, for certain qualified plan loan offsets (which is generally the amount an employer retirement plan account balance is reduced, or offset, to repay a loan from such plan, when the employer plan terminates, or because the participant severed from employment), you may have until the due date (including extensions) for your tax return for the tax year in which the offset occurs to complete the rollover to your ▇▇▇▇ ▇▇▇. If your plan loan offset is not “qualified,” then you have 60 days from the date the offset occurs to complete your rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penalties. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by Inherited ▇▇▇▇ ▇▇▇ Owner). Please refer to the section of this document entitled “Inherited ▇▇▇▇ ▇▇▇”. ▇▇▇▇ ▇▇▇-to-Employer Plan Rollovers Not Permitted. Distributions from your ▇▇▇▇ ▇▇▇ are not eligible for rollover to a designated ▇▇▇▇ account in a ▇▇▇▇ 401(k) plan, ▇▇▇▇ 403(b) plan, or ▇▇▇▇ 457(b) plan.
Appears in 1 contract
Sources: Roth Ira Custodial Account Agreement
Rollover Contributions. Generally, a rollover is a movement of cash or assets from one retirement plan to another. Both the distribution and the rollover contribution are reportable when you file your income taxes. You must irrevocably elect to treat such contributions as rollovers. ▇▇▇▇ ▇▇▇-to-▇▇▇▇ ▇▇▇ Rollover. You may withdraw, tax free, all or a portion of your ▇▇▇▇ ▇▇▇ if you contribute the amount withdrawn within 60 days from the date you receive the distribution into the same or another ▇▇▇▇ ▇▇▇ as a rollover. Only one ▇▇▇ distribution within any 12-month period may be rolled over in an ▇▇▇-to-▇▇▇ rollover transaction. The 12-month waiting period begins on the date you receive an ▇▇▇ distribution that you subsequently roll over, not on the date you complete the rollover transaction. Amounts withdrawn (including any amounts withheld for federal, state, or other income taxes that you did not receive) that are not rolled over will be treated as a distribution from the ▇▇▇▇ ▇▇▇ and may be subject to tax and/or early distribution penalty. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by ▇▇▇▇ ▇▇▇ Owner). Eligible rollover distributions consisting of ▇▇▇▇ 401(k), ▇▇▇▇ 403(b), or ▇▇▇▇ 457(b) assets may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇. You are solely responsible for tracking the taxable and nontaxable amounts of the assets rolled over. If you roll over a nonqualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b) to a ▇▇▇▇ ▇▇▇, the portion of the distribution that constitutes the contribution basis is treated as basis in your ▇▇▇▇ ▇▇▇. If you roll over a qualified distribution from a ▇▇▇▇ 401(k), ▇▇▇▇ 403(b) or ▇▇▇▇ 457(b), the entire amount of the rollover contribution is considered basis in the ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. Eligible rollover distributions consisting of pre-tax and after-tax assets from qualifying employer retirement plans may be rolled over, directly or indirectly, to your ▇▇▇▇ ▇▇▇, if you meet applicable eligibility requirements defined in the Internal Revenue Code or regulationsrequirements. Qualifying employer retirement plans include qualified plans (e.g., 401(k) plans or profit sharing plans), governmental 457(b) plans, 403(b) arrangements, and 403(a) arrangements. Amounts rolled over from an employer plan to a ▇▇▇▇ ▇▇▇ (other than amounts distributed from a designated ▇▇▇▇ account) are generally treated as taxable distributions from your employer retirement plan (except for amounts representing after-tax employee contributions). However, the premature distribution penalty (that typically applies to taxable withdrawals taken prior to age 59½) does not apply to amounts rolled over from your employer‘s retirement plan to your ▇▇▇▇ ▇▇▇. Required minimum distributions may not be rolled over. To complete a direct rollover, from an employer plan to your ▇▇▇▇ ▇▇▇, you must generally instruct the plan administrator to send the distribution directly to your ▇▇▇▇ ▇▇▇ Custodian. To complete an indirect rollover to your ▇▇▇▇ ▇▇▇, you must generally request that the plan administrator make a distribution directly to you. You typically have 60 days from the date you receive an eligible rollover distribution to complete an indirect rollover. If you choose the indirect rollover method, the plan administrator is typically required to withhold 20% of the eligible rollover distribution amount for purposes of federal income tax withholding. You may, however, make up the withheld amount out of pocket and roll over the full amount. If you do not make up the withheld amount out of pocket, the 20% withheld (and not rolled over) will be treated as a distribution, subject to applicable taxes and penalties. Employer Retirement Plan-to-▇▇▇▇ ▇▇▇ Rollover (by Inherited ▇▇▇▇ ▇▇▇ Owner). Please refer to the section of this document entitled “Inherited ▇▇▇▇ ▇▇▇”. ▇▇▇▇ ▇▇▇-to-Employer Plan Rollovers Not Permitted. Distributions from your ▇▇▇▇ ▇▇▇ are not eligible for rollover to a designated ▇▇▇▇ account in a ▇▇▇▇ 401(k) plan, ▇▇▇▇ 403(b) plan, or ▇▇▇▇ 457(b) plan.. Conversions to ▇▇▇▇ IRAs. Generally, you may convert all or a portion of your Traditional ▇▇▇ (or SIMPLE ▇▇▇) to a ▇▇▇▇ ▇▇▇ provided you meet any applicable eligibility requirements as defined in the Code and Regulations. To complete a conversion of a SIMPLE ▇▇▇ distribution to a ▇▇▇▇ ▇▇▇, at least two years must have elapsed from the date on which you first participated in any SIMPLE ▇▇▇ Plan maintained by the employer. Except for amounts that represent basis, amounts converted are generally treated as taxable distributions. However, the premature distribution penalty that typically applies to taxable withdrawals taken prior to age 59½, does not apply to amounts converted from a Traditional ▇▇▇ (or SIMPLE ▇▇▇) to a ▇▇▇▇ ▇▇▇. Required minimum distributions may not be converted. Conversions are not subject to the 12 month rollover restriction that typically applies to rollovers between IRAs. Rollover of Exxon ▇▇▇▇▇▇ Settlement Income. Certain income received as an Exxon ▇▇▇▇▇▇ qualified settlement may be rolled over to a ▇▇▇▇ ▇▇▇ or another eligible retirement plan. The amount contributed cannot exceed the lesser of $100,000 (reduced by the amount of any qualified settlement income contributed to an eligible retirement plan in prior tax years) or the amount of qualified settlement income received during the tax year. Contributions for the year can be made until the due date for filing your return, not including extensions. Qualified settlement income that is contributed to a ▇▇▇▇ ▇▇▇ is included in your taxable income for the year the qualified settlement income was received, and treated as part of your cost basis (investment in the contract) in the ▇▇▇▇ ▇▇▇ that is not taxable when distributed. RECHARACTERIZATIONS
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Sources: Traditional and Roth Individual Retirement Account Custodial Agreement