Preview
FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020
NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024
EXHIBIT 11
FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020
NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024
Message
From: Young, Frank [you ngf@bessemer.com]
Exhibit
Sent: 8/12/2019 7:59:30 PM
To: Granville, Kevin [Granville@bessemer.com] FY 21
CC: Conenna, Isabella [conenna@bessemer.com] Frank Young
Subject: FW: Outdated Bessemer logo
Attachments: Logo3 Traditional IRA Slmplifier.docx; Logo 1Account Delegation form for Revocable Trust Grantos.pdf; Logo 2
Transfer AuthorizationFrom Non IRA.pdf
Hi Kevin,
Iam following up on this request started by Isabella. Iwill schedule time on your calendar to discuss updating the
Bessemer logos on the attached forms with you.
Best,
Frank
Frank Young
Vice President
Marketing Design and Production Manager
Bessemer Trust
630 Fifth Avenue
New York, NY 10111-0333
T: (212) 603-3257
younqf©bessemer.com
www.bessemer.com
From: Conenna, Isabella
Sent: Thursday, August 08, 2019 4:42 PM
To: Young, Frank
Subject: FW: Outdated Bessemer logo
Isabella Conenna
Senior Vice President
Brand Marketing Manager
Bessemer Trust
630 Fifth Avenue
New York, NY 10111-0333
T: (212) 651-1040
conenna@bessemer.com
www.bessemer.com
From: Gessner, Susan
Sent: Tuesday, July 30, 2019 9:14 AM
To: Conenna, Isabella
Subject: FW: Outdated Bessemer logo
Isabella,
FYI. Iwill explain this request.
Susan
BESSEMER 001031
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NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024
Susan Gessner
Senior Vice President
Brand Marketing Manager
Bessemer Trust
630 Fifth Avenue
New York, NY 10111-0333
T: (212) 708-9344
Gessner@bessemer.com
www.bessemer.com
From: Granville, Kevin
Sent: Monday, July 29, 2019 5:34 PM
To: Gessner, Susan
Cc: Tremblay, Mark A. ; Carbonara, Nicholas V. ; McKenzie,
Katie 0.
Subject: RE: Outdated Bessemer logo
Hi Susan -
Ihave attached 3documents where we need to add /update the Bessemer Logo. The last document is produced by an
outside vendor. Historically, we have not previously had alogo on this document because it was very IRS-esque but in
speaking with the vendor, more banks are now including the logo. The vendor will be adding the new logo with our
direction in addition to some other changes currently being reviewed by Legal. The other documents (Logo 1; Logo 2)
are where we need your help. What is the best way to proceed?
Best—
Kevin
Kevin Granville
Senior Vice President
Head of Client Advisory Support
Bessemer Trust
100 Woodbridge Center Drive
Woodbridge, NJ 07095-1191
T: (732) 694-5728 IM: (732) 995-2525
qranville@bessemer.com
www.bessemer.com
From: Gessner, Susan
Sent: Friday, July 12, 2019 6:01 PM
To: Tremblay, Mark A. ; Marquez, Michael A.
Cc: Day, Leslie A. ; Granville, Kevin ; Cannellos, Teresa L.
Subject: RE: Outdated Bessemer logo
Hi Mark,
Thank you for conducting acomprehensive document review. Let us know when you have completed your audit and we
will update the documents with the correct logo.
Enjoy the weekend,
BESSEMER 001032
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NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024
Susan
Susan Gessner
Senior Vice President
Brand Marketing Manager
Bessemer Trust
630 Fifth Avenue
New York, NY 10111-0333
T: (212) 708-9344
Gessner©bessemer.com
www.bessemer.com
From: Tremblay, Mark A.
Sent: Friday, July 12, 2019 5:43 PM
To: Marquez, Michael A.
Cc: Day, Leslie A. ; Gessner, Susan ; Granville, Kevin
; Cannellos, Teresa L.
Subject: Re: Outdated Bessemer logo
Thanks Michael. Kevin, Teresa, and Icoordinated on this earlier today and are launching acomprehensive review of CAS
and FOM documents to catch any other old Bessemer logos, etc. We will report back once this is complete. You have a
great weekend as well!
On Jul 12, 2019, at 5:22 PM, Marquez, Michael A. wrote:
Hi Leslie,
Kevin Granville shared the sample attached document, which is provided to clients when new accounts
are established. The CAS and CA teams coordinate to ensure clients receive such documents and that we
have arecord of the communication process.
The attachment is based on areal account with real data. Therefore, please do not circulate without
redacting the data. You'll note that the master document has an outdated brand logo. I'm copying
Susan and Kevin so they can identify where the master document resides so that the appropriate logo is
incorporated.
Finally, Mark Tremblay and Imet today on afew matters. One follow-up is that the CAS and FOM teams
will let your team know over time whether other documents are in use and have outdated brand
images.
A great weekend to all!
Best,
Michael
Michael A. Marquez
Managing Director
Chief Operating Officer
Bessemer Trust
630 Fifth Avenue
New York, NY 10111-0333
T: (212) 708-9192
marquez©bessemer.com
www.bessemer.com
BESSEMER 001033
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' by the end of the taxable year for which the
determined each year using the actual joint life expectancy of you
contribution is made.
and your spouse obtained from the Joint Life Expectancy Table
D. Catch-Up Contributions - If you are age 50 or older by the close of the provided by the IRS, rather than the life expectancy divisor from the
taxable year, you may make an additional contribution to your IRA. Uniform Lifetime Table.
The maximum additional contribution is $1,000 per year.
We reserve the right to do any one of the following by April 1of the
E. Fsionforfeitability —Your interest in your IRA is nonforfeitable. year following the year in which you turn age 7034.
F. Eligible Trustees —The trustee of your IRA must be abank, savings and (a) Make no distribution until you give us a proper withdrawal
loan association, credit union, or a person or entity approved by the request
Secretary of the Treasury.
(b) Distribute your entire IRA to you in asingle sum payment
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(c) Determine your required minimum distribution each year based on the amount of the required minimum distribution that should
on your life expectancy calculated using the Uniform Lifetime have been taken but was not. Your beneficiary must file IRS Form
Table, and pay those distributions to you until you direct 5329 along with his or her income tax return to report and remit any
otherwise additional taxes to the IRS.
If you fail to remove arequired minimum distribution, an additional K. Qualifying Longevity Annuity Contracts and RMDs - A qualifying
penalty tax of 50 percent is imposed on the amount of the required longevity annuity contract (QLAC) is adeferred annuity contract that,
minimum distribution that should have been taken but was not. You among other requirements, must guarantee lifetime income starting
must file IRS Form 5329 along with your income tax return to report no later than age 85. The total premiums paid to QLAC5 in your IRAs
and remit any additional taxes to the IRS. must not exceed 25 percent (up to $125,000) of the combined value
of your IRAs (excluding Roth IRAs). The $125,000 limit is subject to
3. Your designated beneficiary is determined based on the
cost-of-living adjustments each year.
beneficiaries designated as of the date of your death, who remain
your beneficiaries as of September 30 of the year following the When calculating your RMD, you may reduce the prior year end
year of your death. account value by the value of QLAC5 that your IRA holds as
investments.
If you die on or after your required beginning date, distributions
must be made to your beneficiaries over the longer of the single life For more information on OLACs, you may wish to refer to the IRS
expectancy of your designated beneficiaries, or your remaining life website at www.irs.gov.
expectancy. If abeneficiary other than aperson or qualified trust as
defined in the Treasury Regulations is named, you will be treated as INCOME TAX CONSEQUENCES OF ESTABLISHING AN IRA
having no designated beneficiary of your IRA for purposes of A. IRA Deductibility - If you are eligible to contribute to your IRA, the
determining the distribution period. If there is no designated amount of the contribution for which you may take atax deduction will
beneficiary of your IRA, distributions will commence using your depend upon whether you (or; in some cases, your spouse) are an active
single life expectancy, reduced by one in each subsequent year. participant in an employer-sponsored retirement plan. If you (and your
spouse, if married) are not an active participant, your entire IRA
If you die before your required beginning date, the entire amount
contribution will be deductible. If you are an active participant (or are
remaining in your account will, at the election of your designated
married to an active participant), the deductibility of your IRA
beneficiaries, either
contribution will depend on your modified adjusted gross income
(a) be distributed by December 31 of the year containing the fifth (MAGI) and your tax filing status for the tax year for which the
anniversary of your death, or contribution was made. MAGI is determined on your income tax return
using your adjusted gross income but disregarding any deductible IRA
(b) be distributed over the remaining life expectancy of your
contribution and certain other deductions and exclusions.
designated beneficiaries.
Definition of Active Participant. Generally, you will be an active
If your spouse is your sole designated beneficiary, he or she must
participant if you are covered by one or more of the following
elect either option (a) or (b) by the earlier of December 31 of the
employer-sponsored retirement plans.
year containing the fifth anniversary of your death, or December 31
of the year life expectancy payments would be required to begin. 1. Qualified pension, profit sharing, 401(k), or stock bonus plan
Your designated beneficiaries, other than aspouse who is the sole 2. Qualified annuity plan of an employer
designated beneficiary, must elect either option (a) or (b) by 3. Simplified employee pension (SEP) plan
December 31 of the year following the year of your death. If no 4. Retirement plan established by the federal government, astate, or
election is made, distribution will be calculated in accordance with a political subdivision (except certain unfunded deferred
option (b). In the case of distributions under option (b), distributions compensation plans under IRC Sec. 457)
must commence by December 31 of the year following the year of
5. Tax-sheltered annuity for employees of certain tax-exempt
your death. Generally, if your spouse is the designated beneficiary,
organizations or public schools
distributions need not commence until December 31 of the year you
6. Plan meeting the requirements of IRC Sec. 501(c)(18)
would have attained age 70'/2, if later. If a beneficiary other than a
7. Savings incentive match plan for employees of small employers
person or qualified trust as defined in the Treasury Regulations is
(SIMPLE) IRA plan or aSIMPLE 401(k) plan
named, you will be treated as having no designated beneficiary of
your IRA for purposes of determining the distribution period. If there If you do not know whether your employer maintains one of these plans
is no designated beneficiary of your IRA, the entire IRA must be or whether you are an active participant in a plan, check with your
distributed by December 31 of the year containing the fifth employer or your tax advisor. Also, the IRS Form W-2, Wage and Tax
anniversary of your death. Statement, that you receive at the end of the year from your employer
will indicate whether you are an active participant.
A spouse who is the sole designated beneficiary of your entire IRA
will be deemed to elect to treat your IRA as his or her own by either If you are an active participant, are single, and have MAGI within the
(1) making contributions to your IRA or (2) failing to timely remove a applicable phase-out range listed below, the deductible amount of your
required minimum distribution from your IRA. Regardless of contribution is determined as follows. (1) Begin with the appropriate
whether or not the spouse is the sole designated beneficiary of your phase-out range maximum for the applicable year (specified below) and
IRA, aspouse beneficiary may roll over his or her share of the assets subtract your MAGI; (2) divide this total by the difference between the
to his or her own IRA. phase-out maximum and minimum; and (3) multiply this number by the
maximum allowable contribution for the applicable year; including catch-
Ifwe so choose, for any reason (e.g., due to limitations of our charter
up contributions if you are age 50 or older. The resulting figure will be
or bylaws), we may require that a beneficiary of a deceased IRA
the maximum IRA deduction you may take. For example, if you are age
owner take total distribution of all IRA assets by December 31 of the
30 with MAGI of $63,000 in 2016, your maximum deductible
year following the year of death.
contribution is $4,400 (the 2016 phase-out range maximum of $71,000
If your beneficiary fails to remove arequired minimum distribution minus your MAGI of $63,000, divided by the difference between the
after your death, an additional penalty tax of 50 percent is imposed
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maximum and minimum phase-out range limits of $10,000, and number of days between January 1and your tax filing deadline, not
multiplied by the contribution limit of $5,500). including extensions.
If you are an active participant, are married to an active participant and C. Tax Credit for Contributions - You may be eligible to receive atax credit
you file ajoint income tax return, and have MAGI within the applicable for your Traditional IRA contributions. This credit will be allowed in
phase-out range listed below, the deductible amount of your addition to any tax deduction that may apply, and may not exceed
contribution is determined as follows. (1) Begin with the appropriate $1,000 in agiven year. You may be eligible for this tax credit if you are
phase-out maximum for the applicable year (specified below) and • age 18 or older as of the close of the taxable year,
subtract your MAGI; (2) divide this total by the difference between the • not adependent of another taxpayer, and
phase-out range maximum and minimum; and (3) multiply this number • not afull-time student.
by the maximum allowable contribution for the applicable year,
The credit is based upon your income (see chart below), and will range
including catch-up contributions if you are age 50 or older. The resulting
from 0to 50 percent of eligible contributions. In order to determine the
figure will be the maximum IRA deduction you may take. For example, if
amount of your contributions, add all of the contributions made to your
you are age 30 with MAGI of $103,000 in 2016, your maximum
Traditional IRA and reduce these contributions by any distributions that
deductible contribution is $4,125 (the 2016 phase-out maximum of
you have taken during the testing period. The testing period begins two
$118,000 minus your MAGI of $103,000, divided by the difference
years prior to the year for which the credit is sought and ends on the tax
between the maximum and minimum phase-out limits of $20,000, and
return due date (including extensions) for the year for which the credit
multiplied by the contribution limit of $5,500).
is sought. In order to determine your tax credit, multiply the applicable
If you are an active participant, are married and you file a separate percentage from the chart below by the amount of your contributions
income tax return, your MAGI phase-out range is generally $0- $10,000. that do not exceed $2,000.
However,if you lived apart for the entire tax year, you are treated as a
single filer. 2016 Adjusted Gross Income*
Applicable
Joint Head of a All Other Percentage
Joint Filers Single Taxpayers
Phase-Out Range* Phase-Out Ranges Return Household Cases
Tax Year
(minimum) (maximum) (minimum) (maximum) $1-37,000 $1-27,750 $1-18,500 50
$37,001-40,000 $27,751-30,000 $18,501-20,000 20
2011 $90,000- $110,000 $56,000- $66,000
$40,001-61,500 $30,001-46,125 $20,001- 30,750 10
2012 $92,000 - $112,000 $58,000- $68,000
Over $61,500 Over $46,125 Over $30,750 0
2013 $95,000 - $115,000 $59,000 - $69,000
2014 $96,000 -$116,000 $60,000- $70,000 *Adjusted gross income (AGI) inc udes foreign earned income and
2015 $98,000 - $118,000 $61,000 $71,000
income from Guam, America Samoa North Mariana Islands, and Puerto
-
2016 $98,000 - $118,000 $61,000 $71,000
Rico. AGI limits are subje ct to cost-of-living adjustments each year.
-
*MAGI limits are subject to cost-of-living adjustments each year.
D. Excess Contributions - An excess contribution is any amount that is
The MAGI phase-out range for an individual that is not an active contributed to your IRA that exceeds the amount that you are eligible to
participant, but is married to an active participant, is $183,000- $193,000 contribute. If the excess is not corrected timely, an additional penalty
for 2015 and $184,000-$194,000 for 2016. This limit is also subject to cost- tax of six percent will be imposed upon the excess amount. The
of-living increases for tax years after 2016. If you are not an active procedure for correcting an excess is determined by the timeliness of
participant in an employer-sponsored retirement plan, are married to the correction as identified below.
someone who is an active participant, and you file ajoint income tax
1. Removal Before Your Tax Filing Deadline. An excess contribution
return with MAGI between the applicable phase-out range for the year,
may be corrected by withdrawing the excess amount, along with the
your maximum deductible contribution is determined as follows. (1) Begin
earnings attributable to the excess, before your tax filing deadline,
with the appropriate MAGI phase-out maximum for the year and subtract
including extensions, for the year for which the excess contribution
your MAGI; (2) divide this total by the difference between the phase-out
was made. An excess withdrawn under this method is not taxable to
range maximum and minimum; and (3) multiply this number by the
you, but you must include the earnings attributable to the excess in
maximum allowable contribution for the applicable year, including catch-
your taxable income in the year in which the contribution was made.
up contributions if you are age 50 or older. The resulting figure will be the
The six percent excess contribution penalty tax will be avoided.
maximum IRA deduction you may take.
2. Removal After Your Tax Filing Deadline. If you are correcting an
You must round the resulting deduction to the next highest $10 if the
excess contribution after your tax filing deadline, including
number is not amultiple of 10. If your resulting deduction is between
extensions, remove only the amount of the excess contribution. The
$0 and $200, you may round up to $200.
six percent excess contribution penalty tax will be imposed on the
B. Contribution Deadline - The deadline for making an IRA contribution excess contribution for each year it remains in the IRA. An excess
is your tax return due date (not including extensions). You may withdrawal under this method will only be taxable to you if the total
designate a contribution as a contribution for the preceding taxable contributions made in the year of the excess exceed the annual
year in amanner acceptable to us. For example, if you are acalendar- applicable contribution limit.
year taxpayer and you make your IRA contribution on or before your
3. Carry Forward to aSubsequent Year. If you do not withdraw the
tax filing deadline, your contribution is considered to have been made
excess contribution, you may carry forward the contribution for a
for the previous tax year if you designate it as such.
subsequent tax year. To do so, you under-contribute for that tax year
If you are a member of the Armed Forces serving in a combat zone, and carry the excess contribution amount forward to that year on
hazardous duty area, or contingency operation, you may have an your tax return. The six percent excess contribution penalty tax will
extended contribution deadline of 180 days after the last day served be imposed on the excess amount for each year that it remains as an
in the area. In addition, your contribution deadline for aparticular tax excess contribution at the end of the year.
year is also extended by the number of days that remained to file that
You must file IRS Form 5329 along with your income tax return to
year's tax return as of the date you entered the combat zone. This
report and remit any additional taxes to the IRS.
additional extension to make your IRA contribution cannot exceed the
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E. Tax-Deferred Earnings - The investment earnings of your IRA are not distribution penalty tax. 6) Higher education expenses. Payments taken
subject to federal income tax until distributions are made (or, in for certain qualified higher education expenses for you, your spouse, or
certain instances, when distributions are deemed to be made). the children or grandchildren of you or your spouse, will not be subject
to the 10 percent early distribution penalty tax. 7) First-time
F. Nondeductible Contributions - You may make nondeductible
homebuyer. You may take payments from your IRA to use toward
contributions to your IRA to the extent that deductible contributions
qualified acquisition costs of buying or building a principal residence.
are not allowed. The sum of your deductible and nondeductible IRA
The amount you may take for this reason may not exceed a lifetime
contributions cannot exceed your contribution limit (the lesser of the
maximum of $10,000. The payment must be used for qualified
allowable contribution limit described previously, or 100 percent of
acquisition costs within 120 days of receiving the distribution. 8) IRS
compensation). You may elect to treat deductible IRA contributions as
levy. Payments from your IRA made to the U.S. government in response
nondeductible contributions.
to afederal tax levy are not subject to the 10 percent early distribution
If you make nondeductible contributions for aparticular tax year, you penalty tax. 9) Qualified reservist distributions. If you are a qualified
must report the amount of the nondeductible contribution along with reservist member called to active duty for more than 179 days or an
your income tax return using IRS Form 8606. Failure to file IRS Form indefinite period, the payments you take from your IRA during the active
8606 will result in a$50 per failure penalty. duty period are not subject to the 10 percent early distribution penalty
tax.
If you overstate the amount of designated nondeductible contributions
for any taxable year,you are subject to a$100 penalty unless reasonable You must file IRS Form 5329 along with your income tax return to the
cause for the overstatement can be shown. IRS to report and remit any additional taxes or to claim a penalty tax
exception.
G. Taxation of Distributions - The taxation of IRA distributions depends
on whether or not you have ever made nondeductible IRA J. Rollovers and Conversions - Your IRA may be rolled over to another
contributions. If you have only made deductible contributions, all IRA IRA, SIMPLE IRA, or an eligible employer-sponsored retirement plan of
distribution amounts will be included in income. yours, may receive rollover contributions, or may be converted to a
Roth IRA, provided that all of the applicable rollover and conversion
If you have ever made nondeductible contributions to any IRA, the
rules are followed. Rollover is aterm used to describe amovement of
following formula must be used to determine the amount of any IRA
cash or other property to your IRA from another IRA, or from your
distribution excluded from income.
employer's qualified retirement plan, 403(a) annuity, 403(b) tax-
(Aggregate Nondeductible Contributions) sheltered annuity, 457(b) eligible governmental deferred
x (Amount Withdrawn) compensation plan, or federal Thrift Savings Plan. The amount rolled
- Amount Excluded From Income
Aggregate IRA Balance over is not subject to taxation or the additional 10 percent early
NOTE: Aggregate nondeductible contributions include all nondeductible distribution penalty tax. Conversion is a term used to describe the
contributions made by you through the end of the year of the distribution movement of Traditional IRA assets to a Roth IRA. A conversion
that have not previously been withdrawn and excluded from income. generally is ataxable event. The general rollover and conversion rules
Also note that the aggregate IRA balance includes the total balance of all are summarized below. These transactions are often complex. If you
of your Traditional and SIMPLE IRAs as of the end of the year of have any questions regarding a rollover or conversion, please see a
distribution and any distributions occurring during the year. competent tax advisor.
H. Income Tax Withholding Any withdrawal from your IRA is subject to 1. Traditional IRA-to-Traditional IRA Rollovers. Assets distributed
federal income tax withholding. You may, however, elect not to have from your Traditional IRA may be rolled over to the same
withholding apply to your IRA withdrawal. If withholding is applied to Traditional IRA or another Traditional IRA of yours if the
your withdrawal, not less than 10 percent of the amount withdrawn requirements of IRC Sec. 408(d)(3) are met. A proper IRA-to-IRA
must be withheld. rollover is completed if all or part of the distribution is rolled over
not later than 60 days after the distribution is received. In the case
1. Early Distribution Penalty Tax—If you receive an IRA distribution before
of a distribution for a first-time homebuyer where there was a
you attain age 59>', an additional early distribution penalty tax of 10
delay or cancellation of the purchase, the 60-day rollover period
percent will apply to the taxable amount of the distribution unless one
may be extended to 120 days.
of the following exceptions apply. 1) Death. After your death, payments
made to your beneficiary are not subject to the 10 percent early You are permitted to roll over only one distribution from an IRA
distribution penalty tax. 2) Disability. If you are disabled at the time of (Traditional, Roth, or SIMPLE) in a12-month period, regardless of
distribution, you are not subject to the additional 10 percent early the number of IRAs you own. A distribution may be rolled over to
distribution penalty tax. In order to be disabled, a physician must the same IRA or to another IRA that is eligible to receive the
determine that your impairment can be expected to result in death or rollover. For more information on rollover limitations, you may
to be of long, continued, and indefinite duration. 3) Substantially equal wish to obtain IRS Publication 590-B, Distributions from Individual
periodic payments. You are not subject to the additional 10 percent Retirement Arrangements (IRAs), from the IRS or refer to the IRS
early distribution penalty tax if you are taking aseries of substantially website at www.irs.gov.
equal periodic payments (at least annual payments) over your life 2. SIMPLE IRA-to-Traditional IRA Rollovers. Assets distributed from
expectancy or the joint life expectancy of you and your beneficiary. You your SIMPLE IRA may be rolled over to your Traditional IRA without
must continue these payments for the longer of five years or until you IRS penalty tax provided two years have passed since you first
reach age 59%. 4) Unreimbursed medical expenses. If you take participated in aSIMPLE IRA plan sponsored by your employer. As
payments to pay for unreimbursed medical expenses exceeding 10 with Traditional IRA-to-Traditional IRA rollovers, the requirements of
percent of your adjusted gross income, you will not be subject to the 10 IRC Sec. 408(d)(3) must be met. A proper SIMPLE IRA-to-IRA rollover
percent early distribution penalty tax. The medical expenses may be for is completed if all or part of the distribution is rolled over not later
you, your spouse, or any dependent listed on your tax return. 5) Health than 60 days after the distribution is received.
insurance premiums. If you are unemployed and have received
unemployment compensation for 12 consecutive weeks under afederal
or state program, you may take payments from your IRA to pay for
health insurance premiums without incurring the 10 percent early
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You are permitted to roll over only one distribution from an IRA You are permitted to roll over only one distribution from an IRA
(Traditional, Roth, or SIMPLE) in a12-month period, regardless of (Traditional, Roth, or SIMPLE) in a12-month period, regardless of
the number of IRAs you own. A distribution may be rolled over to the number of IRAs you own. A distribution may be rolled over to
the same IRA or to another IRA that is eligible to receive the the same IRA or to another IRA that is eligible to receive the
rollover. For more information on rollover limitations, you may rollover. For more information on rollover limitations, you may
wish to obtain IRS Publication 590-B, Distributions from Individual obtain IRS Publication 590-B, Distributi
Preview
FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020 NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024 EXHIBIT 11 FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020 NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024 Message From: Young, Frank [you ngf@bessemer.com] Exhibit Sent: 8/12/2019 7:59:30 PM To: Granville, Kevin [Granville@bessemer.com] FY 21 CC: Conenna, Isabella [conenna@bessemer.com] Frank Young Subject: FW: Outdated Bessemer logo Attachments: Logo3 Traditional IRA Slmplifier.docx; Logo 1Account Delegation form for Revocable Trust Grantos.pdf; Logo 2 Transfer AuthorizationFrom Non IRA.pdf Hi Kevin, Iam following up on this request started by Isabella. Iwill schedule time on your calendar to discuss updating the Bessemer logos on the attached forms with you. Best, Frank Frank Young Vice President Marketing Design and Production Manager Bessemer Trust 630 Fifth Avenue New York, NY 10111-0333 T: (212) 603-3257 younqf©bessemer.com www.bessemer.com From: Conenna, Isabella Sent: Thursday, August 08, 2019 4:42 PM To: Young, Frank Subject: FW: Outdated Bessemer logo Isabella Conenna Senior Vice President Brand Marketing Manager Bessemer Trust 630 Fifth Avenue New York, NY 10111-0333 T: (212) 651-1040 conenna@bessemer.com www.bessemer.com From: Gessner, Susan Sent: Tuesday, July 30, 2019 9:14 AM To: Conenna, Isabella Subject: FW: Outdated Bessemer logo Isabella, FYI. Iwill explain this request. Susan BESSEMER 001031 FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020 NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024 Susan Gessner Senior Vice President Brand Marketing Manager Bessemer Trust 630 Fifth Avenue New York, NY 10111-0333 T: (212) 708-9344 Gessner@bessemer.com www.bessemer.com From: Granville, Kevin Sent: Monday, July 29, 2019 5:34 PM To: Gessner, Susan Cc: Tremblay, Mark A. ; Carbonara, Nicholas V. ; McKenzie, Katie 0. Subject: RE: Outdated Bessemer logo Hi Susan - Ihave attached 3documents where we need to add /update the Bessemer Logo. The last document is produced by an outside vendor. Historically, we have not previously had alogo on this document because it was very IRS-esque but in speaking with the vendor, more banks are now including the logo. The vendor will be adding the new logo with our direction in addition to some other changes currently being reviewed by Legal. The other documents (Logo 1; Logo 2) are where we need your help. What is the best way to proceed? Best— Kevin Kevin Granville Senior Vice President Head of Client Advisory Support Bessemer Trust 100 Woodbridge Center Drive Woodbridge, NJ 07095-1191 T: (732) 694-5728 IM: (732) 995-2525 qranville@bessemer.com www.bessemer.com From: Gessner, Susan Sent: Friday, July 12, 2019 6:01 PM To: Tremblay, Mark A. ; Marquez, Michael A. Cc: Day, Leslie A. ; Granville, Kevin ; Cannellos, Teresa L. Subject: RE: Outdated Bessemer logo Hi Mark, Thank you for conducting acomprehensive document review. Let us know when you have completed your audit and we will update the documents with the correct logo. Enjoy the weekend, BESSEMER 001032 FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020 NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024 Susan Susan Gessner Senior Vice President Brand Marketing Manager Bessemer Trust 630 Fifth Avenue New York, NY 10111-0333 T: (212) 708-9344 Gessner©bessemer.com www.bessemer.com From: Tremblay, Mark A. Sent: Friday, July 12, 2019 5:43 PM To: Marquez, Michael A. Cc: Day, Leslie A. ; Gessner, Susan ; Granville, Kevin ; Cannellos, Teresa L. Subject: Re: Outdated Bessemer logo Thanks Michael. Kevin, Teresa, and Icoordinated on this earlier today and are launching acomprehensive review of CAS and FOM documents to catch any other old Bessemer logos, etc. We will report back once this is complete. You have a great weekend as well! On Jul 12, 2019, at 5:22 PM, Marquez, Michael A. wrote: Hi Leslie, Kevin Granville shared the sample attached document, which is provided to clients when new accounts are established. The CAS and CA teams coordinate to ensure clients receive such documents and that we have arecord of the communication process. The attachment is based on areal account with real data. Therefore, please do not circulate without redacting the data. You'll note that the master document has an outdated brand logo. I'm copying Susan and Kevin so they can identify where the master document resides so that the appropriate logo is incorporated. Finally, Mark Tremblay and Imet today on afew matters. One follow-up is that the CAS and FOM teams will let your team know over time whether other documents are in use and have outdated brand images. A great weekend to all! Best, Michael Michael A. Marquez Managing Director Chief Operating Officer Bessemer Trust 630 Fifth Avenue New York, NY 10111-0333 T: (212) 708-9192 marquez©bessemer.com www.bessemer.com BESSEMER 001033 FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020 NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024 ' by the end of the taxable year for which the determined each year using the actual joint life expectancy of you contribution is made. and your spouse obtained from the Joint Life Expectancy Table D. Catch-Up Contributions - If you are age 50 or older by the close of the provided by the IRS, rather than the life expectancy divisor from the taxable year, you may make an additional contribution to your IRA. Uniform Lifetime Table. The maximum additional contribution is $1,000 per year. We reserve the right to do any one of the following by April 1of the E. Fsionforfeitability —Your interest in your IRA is nonforfeitable. year following the year in which you turn age 7034. F. Eligible Trustees —The trustee of your IRA must be abank, savings and (a) Make no distribution until you give us a proper withdrawal loan association, credit union, or a person or entity approved by the request Secretary of the Treasury. (b) Distribute your entire IRA to you in asingle sum payment Page 7of 14 97 /2300-T (Rev. 3/2016) ©2016 Ascensus, Inc. BESSEMER 001041 FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020 NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024 (c) Determine your required minimum distribution each year based on the amount of the required minimum distribution that should on your life expectancy calculated using the Uniform Lifetime have been taken but was not. Your beneficiary must file IRS Form Table, and pay those distributions to you until you direct 5329 along with his or her income tax return to report and remit any otherwise additional taxes to the IRS. If you fail to remove arequired minimum distribution, an additional K. Qualifying Longevity Annuity Contracts and RMDs - A qualifying penalty tax of 50 percent is imposed on the amount of the required longevity annuity contract (QLAC) is adeferred annuity contract that, minimum distribution that should have been taken but was not. You among other requirements, must guarantee lifetime income starting must file IRS Form 5329 along with your income tax return to report no later than age 85. The total premiums paid to QLAC5 in your IRAs and remit any additional taxes to the IRS. must not exceed 25 percent (up to $125,000) of the combined value of your IRAs (excluding Roth IRAs). The $125,000 limit is subject to 3. Your designated beneficiary is determined based on the cost-of-living adjustments each year. beneficiaries designated as of the date of your death, who remain your beneficiaries as of September 30 of the year following the When calculating your RMD, you may reduce the prior year end year of your death. account value by the value of QLAC5 that your IRA holds as investments. If you die on or after your required beginning date, distributions must be made to your beneficiaries over the longer of the single life For more information on OLACs, you may wish to refer to the IRS expectancy of your designated beneficiaries, or your remaining life website at www.irs.gov. expectancy. If abeneficiary other than aperson or qualified trust as defined in the Treasury Regulations is named, you will be treated as INCOME TAX CONSEQUENCES OF ESTABLISHING AN IRA having no designated beneficiary of your IRA for purposes of A. IRA Deductibility - If you are eligible to contribute to your IRA, the determining the distribution period. If there is no designated amount of the contribution for which you may take atax deduction will beneficiary of your IRA, distributions will commence using your depend upon whether you (or; in some cases, your spouse) are an active single life expectancy, reduced by one in each subsequent year. participant in an employer-sponsored retirement plan. If you (and your spouse, if married) are not an active participant, your entire IRA If you die before your required beginning date, the entire amount contribution will be deductible. If you are an active participant (or are remaining in your account will, at the election of your designated married to an active participant), the deductibility of your IRA beneficiaries, either contribution will depend on your modified adjusted gross income (a) be distributed by December 31 of the year containing the fifth (MAGI) and your tax filing status for the tax year for which the anniversary of your death, or contribution was made. MAGI is determined on your income tax return using your adjusted gross income but disregarding any deductible IRA (b) be distributed over the remaining life expectancy of your contribution and certain other deductions and exclusions. designated beneficiaries. Definition of Active Participant. Generally, you will be an active If your spouse is your sole designated beneficiary, he or she must participant if you are covered by one or more of the following elect either option (a) or (b) by the earlier of December 31 of the employer-sponsored retirement plans. year containing the fifth anniversary of your death, or December 31 of the year life expectancy payments would be required to begin. 1. Qualified pension, profit sharing, 401(k), or stock bonus plan Your designated beneficiaries, other than aspouse who is the sole 2. Qualified annuity plan of an employer designated beneficiary, must elect either option (a) or (b) by 3. Simplified employee pension (SEP) plan December 31 of the year following the year of your death. If no 4. Retirement plan established by the federal government, astate, or election is made, distribution will be calculated in accordance with a political subdivision (except certain unfunded deferred option (b). In the case of distributions under option (b), distributions compensation plans under IRC Sec. 457) must commence by December 31 of the year following the year of 5. Tax-sheltered annuity for employees of certain tax-exempt your death. Generally, if your spouse is the designated beneficiary, organizations or public schools distributions need not commence until December 31 of the year you 6. Plan meeting the requirements of IRC Sec. 501(c)(18) would have attained age 70'/2, if later. If a beneficiary other than a 7. Savings incentive match plan for employees of small employers person or qualified trust as defined in the Treasury Regulations is (SIMPLE) IRA plan or aSIMPLE 401(k) plan named, you will be treated as having no designated beneficiary of your IRA for purposes of determining the distribution period. If there If you do not know whether your employer maintains one of these plans is no designated beneficiary of your IRA, the entire IRA must be or whether you are an active participant in a plan, check with your distributed by December 31 of the year containing the fifth employer or your tax advisor. Also, the IRS Form W-2, Wage and Tax anniversary of your death. Statement, that you receive at the end of the year from your employer will indicate whether you are an active participant. A spouse who is the sole designated beneficiary of your entire IRA will be deemed to elect to treat your IRA as his or her own by either If you are an active participant, are single, and have MAGI within the (1) making contributions to your IRA or (2) failing to timely remove a applicable phase-out range listed below, the deductible amount of your required minimum distribution from your IRA. Regardless of contribution is determined as follows. (1) Begin with the appropriate whether or not the spouse is the sole designated beneficiary of your phase-out range maximum for the applicable year (specified below) and IRA, aspouse beneficiary may roll over his or her share of the assets subtract your MAGI; (2) divide this total by the difference between the to his or her own IRA. phase-out maximum and minimum; and (3) multiply this number by the maximum allowable contribution for the applicable year; including catch- Ifwe so choose, for any reason (e.g., due to limitations of our charter up contributions if you are age 50 or older. The resulting figure will be or bylaws), we may require that a beneficiary of a deceased IRA the maximum IRA deduction you may take. For example, if you are age owner take total distribution of all IRA assets by December 31 of the 30 with MAGI of $63,000 in 2016, your maximum deductible year following the year of death. contribution is $4,400 (the 2016 phase-out range maximum of $71,000 If your beneficiary fails to remove arequired minimum distribution minus your MAGI of $63,000, divided by the difference between the after your death, an additional penalty tax of 50 percent is imposed Page 8of 14 97 /2300-T (Rev. 3/2016) ©2016 Ascensus, Inc. BESSEMER 001042 FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020 NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024 maximum and minimum phase-out range limits of $10,000, and number of days between January 1and your tax filing deadline, not multiplied by the contribution limit of $5,500). including extensions. If you are an active participant, are married to an active participant and C. Tax Credit for Contributions - You may be eligible to receive atax credit you file ajoint income tax return, and have MAGI within the applicable for your Traditional IRA contributions. This credit will be allowed in phase-out range listed below, the deductible amount of your addition to any tax deduction that may apply, and may not exceed contribution is determined as follows. (1) Begin with the appropriate $1,000 in agiven year. You may be eligible for this tax credit if you are phase-out maximum for the applicable year (specified below) and • age 18 or older as of the close of the taxable year, subtract your MAGI; (2) divide this total by the difference between the • not adependent of another taxpayer, and phase-out range maximum and minimum; and (3) multiply this number • not afull-time student. by the maximum allowable contribution for the applicable year, The credit is based upon your income (see chart below), and will range including catch-up contributions if you are age 50 or older. The resulting from 0to 50 percent of eligible contributions. In order to determine the figure will be the maximum IRA deduction you may take. For example, if amount of your contributions, add all of the contributions made to your you are age 30 with MAGI of $103,000 in 2016, your maximum Traditional IRA and reduce these contributions by any distributions that deductible contribution is $4,125 (the 2016 phase-out maximum of you have taken during the testing period. The testing period begins two $118,000 minus your MAGI of $103,000, divided by the difference years prior to the year for which the credit is sought and ends on the tax between the maximum and minimum phase-out limits of $20,000, and return due date (including extensions) for the year for which the credit multiplied by the contribution limit of $5,500). is sought. In order to determine your tax credit, multiply the applicable If you are an active participant, are married and you file a separate percentage from the chart below by the amount of your contributions income tax return, your MAGI phase-out range is generally $0- $10,000. that do not exceed $2,000. However,if you lived apart for the entire tax year, you are treated as a single filer. 2016 Adjusted Gross Income* Applicable Joint Head of a All Other Percentage Joint Filers Single Taxpayers Phase-Out Range* Phase-Out Ranges Return Household Cases Tax Year (minimum) (maximum) (minimum) (maximum) $1-37,000 $1-27,750 $1-18,500 50 $37,001-40,000 $27,751-30,000 $18,501-20,000 20 2011 $90,000- $110,000 $56,000- $66,000 $40,001-61,500 $30,001-46,125 $20,001- 30,750 10 2012 $92,000 - $112,000 $58,000- $68,000 Over $61,500 Over $46,125 Over $30,750 0 2013 $95,000 - $115,000 $59,000 - $69,000 2014 $96,000 -$116,000 $60,000- $70,000 *Adjusted gross income (AGI) inc udes foreign earned income and 2015 $98,000 - $118,000 $61,000 $71,000 income from Guam, America Samoa North Mariana Islands, and Puerto - 2016 $98,000 - $118,000 $61,000 $71,000 Rico. AGI limits are subje ct to cost-of-living adjustments each year. - *MAGI limits are subject to cost-of-living adjustments each year. D. Excess Contributions - An excess contribution is any amount that is The MAGI phase-out range for an individual that is not an active contributed to your IRA that exceeds the amount that you are eligible to participant, but is married to an active participant, is $183,000- $193,000 contribute. If the excess is not corrected timely, an additional penalty for 2015 and $184,000-$194,000 for 2016. This limit is also subject to cost- tax of six percent will be imposed upon the excess amount. The of-living increases for tax years after 2016. If you are not an active procedure for correcting an excess is determined by the timeliness of participant in an employer-sponsored retirement plan, are married to the correction as identified below. someone who is an active participant, and you file ajoint income tax 1. Removal Before Your Tax Filing Deadline. An excess contribution return with MAGI between the applicable phase-out range for the year, may be corrected by withdrawing the excess amount, along with the your maximum deductible contribution is determined as follows. (1) Begin earnings attributable to the excess, before your tax filing deadline, with the appropriate MAGI phase-out maximum for the year and subtract including extensions, for the year for which the excess contribution your MAGI; (2) divide this total by the difference between the phase-out was made. An excess withdrawn under this method is not taxable to range maximum and minimum; and (3) multiply this number by the you, but you must include the earnings attributable to the excess in maximum allowable contribution for the applicable year, including catch- your taxable income in the year in which the contribution was made. up contributions if you are age 50 or older. The resulting figure will be the The six percent excess contribution penalty tax will be avoided. maximum IRA deduction you may take. 2. Removal After Your Tax Filing Deadline. If you are correcting an You must round the resulting deduction to the next highest $10 if the excess contribution after your tax filing deadline, including number is not amultiple of 10. If your resulting deduction is between extensions, remove only the amount of the excess contribution. The $0 and $200, you may round up to $200. six percent excess contribution penalty tax will be imposed on the B. Contribution Deadline - The deadline for making an IRA contribution excess contribution for each year it remains in the IRA. An excess is your tax return due date (not including extensions). You may withdrawal under this method will only be taxable to you if the total designate a contribution as a contribution for the preceding taxable contributions made in the year of the excess exceed the annual year in amanner acceptable to us. For example, if you are acalendar- applicable contribution limit. year taxpayer and you make your IRA contribution on or before your 3. Carry Forward to aSubsequent Year. If you do not withdraw the tax filing deadline, your contribution is considered to have been made excess contribution, you may carry forward the contribution for a for the previous tax year if you designate it as such. subsequent tax year. To do so, you under-contribute for that tax year If you are a member of the Armed Forces serving in a combat zone, and carry the excess contribution amount forward to that year on hazardous duty area, or contingency operation, you may have an your tax return. The six percent excess contribution penalty tax will extended contribution deadline of 180 days after the last day served be imposed on the excess amount for each year that it remains as an in the area. In addition, your contribution deadline for aparticular tax excess contribution at the end of the year. year is also extended by the number of days that remained to file that You must file IRS Form 5329 along with your income tax return to year's tax return as of the date you entered the combat zone. This report and remit any additional taxes to the IRS. additional extension to make your IRA contribution cannot exceed the Page 9of 14 97 /2300-T (Rev. 3/2016) ©2016 Ascensus, Inc. BESSEMER 001043 FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020 NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024 E. Tax-Deferred Earnings - The investment earnings of your IRA are not distribution penalty tax. 6) Higher education expenses. Payments taken subject to federal income tax until distributions are made (or, in for certain qualified higher education expenses for you, your spouse, or certain instances, when distributions are deemed to be made). the children or grandchildren of you or your spouse, will not be subject to the 10 percent early distribution penalty tax. 7) First-time F. Nondeductible Contributions - You may make nondeductible homebuyer. You may take payments from your IRA to use toward contributions to your IRA to the extent that deductible contributions qualified acquisition costs of buying or building a principal residence. are not allowed. The sum of your deductible and nondeductible IRA The amount you may take for this reason may not exceed a lifetime contributions cannot exceed your contribution limit (the lesser of the maximum of $10,000. The payment must be used for qualified allowable contribution limit described previously, or 100 percent of acquisition costs within 120 days of receiving the distribution. 8) IRS compensation). You may elect to treat deductible IRA contributions as levy. Payments from your IRA made to the U.S. government in response nondeductible contributions. to afederal tax levy are not subject to the 10 percent early distribution If you make nondeductible contributions for aparticular tax year, you penalty tax. 9) Qualified reservist distributions. If you are a qualified must report the amount of the nondeductible contribution along with reservist member called to active duty for more than 179 days or an your income tax return using IRS Form 8606. Failure to file IRS Form indefinite period, the payments you take from your IRA during the active 8606 will result in a$50 per failure penalty. duty period are not subject to the 10 percent early distribution penalty tax. If you overstate the amount of designated nondeductible contributions for any taxable year,you are subject to a$100 penalty unless reasonable You must file IRS Form 5329 along with your income tax return to the cause for the overstatement can be shown. IRS to report and remit any additional taxes or to claim a penalty tax exception. G. Taxation of Distributions - The taxation of IRA distributions depends on whether or not you have ever made nondeductible IRA J. Rollovers and Conversions - Your IRA may be rolled over to another contributions. If you have only made deductible contributions, all IRA IRA, SIMPLE IRA, or an eligible employer-sponsored retirement plan of distribution amounts will be included in income. yours, may receive rollover contributions, or may be converted to a Roth IRA, provided that all of the applicable rollover and conversion If you have ever made nondeductible contributions to any IRA, the rules are followed. Rollover is aterm used to describe amovement of following formula must be used to determine the amount of any IRA cash or other property to your IRA from another IRA, or from your distribution excluded from income. employer's qualified retirement plan, 403(a) annuity, 403(b) tax- (Aggregate Nondeductible Contributions) sheltered annuity, 457(b) eligible governmental deferred x (Amount Withdrawn) compensation plan, or federal Thrift Savings Plan. The amount rolled - Amount Excluded From Income Aggregate IRA Balance over is not subject to taxation or the additional 10 percent early NOTE: Aggregate nondeductible contributions include all nondeductible distribution penalty tax. Conversion is a term used to describe the contributions made by you through the end of the year of the distribution movement of Traditional IRA assets to a Roth IRA. A conversion that have not previously been withdrawn and excluded from income. generally is ataxable event. The general rollover and conversion rules Also note that the aggregate IRA balance includes the total balance of all are summarized below. These transactions are often complex. If you of your Traditional and SIMPLE IRAs as of the end of the year of have any questions regarding a rollover or conversion, please see a distribution and any distributions occurring during the year. competent tax advisor. H. Income Tax Withholding Any withdrawal from your IRA is subject to 1. Traditional IRA-to-Traditional IRA Rollovers. Assets distributed federal income tax withholding. You may, however, elect not to have from your Traditional IRA may be rolled over to the same withholding apply to your IRA withdrawal. If withholding is applied to Traditional IRA or another Traditional IRA of yours if the your withdrawal, not less than 10 percent of the amount withdrawn requirements of IRC Sec. 408(d)(3) are met. A proper IRA-to-IRA must be withheld. rollover is completed if all or part of the distribution is rolled over not later than 60 days after the distribution is received. In the case 1. Early Distribution Penalty Tax—If you receive an IRA distribution before of a distribution for a first-time homebuyer where there was a you attain age 59>', an additional early distribution penalty tax of 10 delay or cancellation of the purchase, the 60-day rollover period percent will apply to the taxable amount of the distribution unless one may be extended to 120 days. of the following exceptions apply. 1) Death. After your death, payments made to your beneficiary are not subject to the 10 percent early You are permitted to roll over only one distribution from an IRA distribution penalty tax. 2) Disability. If you are disabled at the time of (Traditional, Roth, or SIMPLE) in a12-month period, regardless of distribution, you are not subject to the additional 10 percent early the number of IRAs you own. A distribution may be rolled over to distribution penalty tax. In order to be disabled, a physician must the same IRA or to another IRA that is eligible to receive the determine that your impairment can be expected to result in death or rollover. For more information on rollover limitations, you may to be of long, continued, and indefinite duration. 3) Substantially equal wish to obtain IRS Publication 590-B, Distributions from Individual periodic payments. You are not subject to the additional 10 percent Retirement Arrangements (IRAs), from the IRS or refer to the IRS early distribution penalty tax if you are taking aseries of substantially website at www.irs.gov. equal periodic payments (at least annual payments) over your life 2. SIMPLE IRA-to-Traditional IRA Rollovers. Assets distributed from expectancy or the joint life expectancy of you and your beneficiary. You your SIMPLE IRA may be rolled over to your Traditional IRA without must continue these payments for the longer of five years or until you IRS penalty tax provided two years have passed since you first reach age 59%. 4) Unreimbursed medical expenses. If you take participated in aSIMPLE IRA plan sponsored by your employer. As payments to pay for unreimbursed medical expenses exceeding 10 with Traditional IRA-to-Traditional IRA rollovers, the requirements of percent of your adjusted gross income, you will not be subject to the 10 IRC Sec. 408(d)(3) must be met. A proper SIMPLE IRA-to-IRA rollover percent early distribution penalty tax. The medical expenses may be for is completed if all or part of the distribution is rolled over not later you, your spouse, or any dependent listed on your tax return. 5) Health than 60 days after the distribution is received. insurance premiums. If you are unemployed and have received unemployment compensation for 12 consecutive weeks under afederal or state program, you may take payments from your IRA to pay for health insurance premiums without incurring the 10 percent early Page 10 of 14 97 /2300-T (Rev. 3/2016) ©2016 Ascensus, Inc. BESSEMER 001044 FILED: NEW YORK COUNTY CLERK 04/16/2024 04:30 PM INDEX NO. 154722/2020 NYSCEF DOC. NO. 41 RECEIVED NYSCEF: 04/16/2024 You are permitted to roll over only one distribution from an IRA You are permitted to roll over only one distribution from an IRA (Traditional, Roth, or SIMPLE) in a12-month period, regardless of (Traditional, Roth, or SIMPLE) in a12-month period, regardless of the number of IRAs you own. A distribution may be rolled over to the number of IRAs you own. A distribution may be rolled over to the same IRA or to another IRA that is eligible to receive the the same IRA or to another IRA that is eligible to receive the rollover. For more information on rollover limitations, you may rollover. For more information on rollover limitations, you may wish to obtain IRS Publication 590-B, Distributions from Individual obtain IRS Publication 590-B, Distributi