Sentences with phrase «made nonqualified»

(If you've made nonqualified contributions and include them in your converted balance, they won't be taxed.)

«Every withdrawal will include an earnings portion, meaning that if the owner makes a nonqualified withdrawal, he or she is going to pay a penalty tax on earnings unless the withdrawal qualifies for an exemption, such as the death or disability of the beneficiary,» he said.

Instead of closing your account by making a nonqualified withdrawal of your funds, you can change the account beneficiary without harmful tax consequences, as long as the new beneficiary is a member of the family of the previous beneficiary.

Fortunately, there are options that can help you avoid or minimize the unpleasant tax consequences of making a nonqualified withdrawal of funds from your account.

Not exact matches

Variable annuity sales into nonqualified accounts now make up 42 percent of retail variable annuity sales, Giesing said.

This rule applies if you're exercising a nonqualified option, or if you're simply making a «bargain purchase.»

And remember, even nonqualified distributions will be taxed (and possibly penalized) only on the investment earnings portion of the distribution, and then only to the extent that your distribution exceeds the total amount of all contributions that you have made.

Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability, withdrawals made on account of the beneficiary's receipt of a scholarship.

Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability and withdrawals made on account of the beneficiary's receipt of a scholarship.

Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability, withdrawals made on account of the beneficiary's receipt of a scholarship, or rollovers.