Annual Contribution Limit. Your regular traditional XXX contributions for a year cannot exceed the annual contribution limit (which is the amount stated in the following table). The annual contribution limit is higher in the year you reach age 50 and in each subsequent year. For example, if you reach age 50 by December 31, 2007, then this limit is $5,000 for 2007. Contributions For Under Age 50 Age 50+ 2006–2007 $4,000 $5,000 2008 $5,000 $6,000 In 2009 and later years, the $5,000 contribution limit for individuals under age 50 will be subject to an inflation adjustment. The annual contribution limit for individuals age 50 or older will be $1,000 more than the adjusted amount for individuals under age 50.
Annual Contribution Limit. The annual contribution limit applicable to the sum of Employer Contributions and Salary Reduction Contributions made in any taxable year of the Participant, may not exceed the Participant's exclusion allowance, as defined in Section 403(b)(2) of the Code, except that such Participant may elect to have the exclusion allowance determined under Section 415(c) of the Code. The Participant shall be responsible for computing his exclusion allowance under Sections 403(b)(2), or if applicable, under Section 415(c) of the Code, and shall promptly notify the Custodian when the sum of Employer Contributions and Salary Reduction Contributions exceeds the applicable exclusion allowance of the Participant. In that event, the Participant shall direct the Custodian to distribute the amounts in excess of the exclusion allowance as Excess Contributions under Section 3.08 of this Agreement.
Annual Contribution Limit. The amount you may contribute to an HSA is limited. It depends on whether you are enrolled in single or family coverage. It is also subject to annual cost-of-living adjustments. The annual contribution limit is published each year by the IRS. It is described in IRS Publication 969, discussed above, or we also provide a HSA Contribution Limit Calculator under “Resources” on your online account. If you are age 55 or older, you may contribute an extra $1,000 (indexed for inflation by the IRS) to your HSA each year. This is called a “catch-up” contribution. If you contribute too much, your HSA may be subject to an excise tax. Contributions to other HSAs or Xxxxxx MSAs you own count towards this limit. We may accept contributions to your HSA from you and your employer. Amounts contributed to your HSA belong to you, even if you change employers. We may also accept contributions from other persons, such as family members. You are responsible for knowing how much you may contribute to your HSA each year. If you contribute too much to your HSA, you must notify the Custodian. You must request a distribution of this amount, plus interest. We may accept rollovers or transfers from other HSAs and Xxxxxx MSAs in any amount (see section 1.4 below). Other contributions are subject to a maximum limit. The most you can deposit is the amount you could contribute if you were age 55 or older and enrolled in family coverage under a HDHP. You may not be eligible to contribute this much to your HSA.
Annual Contribution Limit. Your regular Xxxx XXX contributions for a year cannot exceed the annual contribution limit (which is the amount stated in the following table), minus your regular contributions to traditional IRAs for the year. The annual contribution limit is higher starting with the year in which you reach age 50. For example, if you reach age 50 by December 31, 2007, your 2007 annual contribution limit for all IRAs is $5,000. But if you make $1,000 of 2007 regular contributions to traditional IRAs, then your 2007 Xxxx XXX contributions cannot exceed $4,000. This is true regardless of the order in which you made the contributions. A regular traditional XXX contribution is any contribution that does not qualify as a direct transfer, rollover, direct rollover, SEP or SIMPLE contribution. Contributions For Under Age 50 Age 50+ 2006 – 2007 $4,000 $5,000 2008 $5,000 $6,000 In 2009 and later years, the $5,000 annual contribution limit for individuals under age 50 will be subject to adjustment for inflation occurring after 2007. The annual contribution limit for individuals age 50 or older will be $1,000 more than the adjusted amount for individuals under age 50.
Annual Contribution Limit. Section 529A mandates an annual contribution limit for qualified ABLE programs. The Annual Contribution Limit is currently $17,000, but there is an exception to this limitation for some employed Account Owners. Employed Account Owners who have earned income for the year, and who have not made or received any contributions to a 401(k) defined contribution plan, a 403(b) annuity plan, or a 457(b) deferred compensation plan, may also make additional compensation contributions, and therefore have a higher Annual Contribution Limit. The Annual Contribution Limit for those employed Account Owners is $17,000 plus the lesser of: (i) the Account Owner’s earned income for the calendar year; or (ii) the Federal Poverty Level for a one- person household in the Account Owner’s state of residence for the previous calendar year.
