EXCESS CONTRIBUTION PENALTY. An additional tax of six percent is imposed upon any excess contribution you make to your Xxxx XXX. This additional tax will apply each year in which an excess remains in your Xxxx XXX. An excess contribution is any amount that is contributed to your Xxxx XXX that exceeds the amount that you are eligible to contribute.
EXCESS CONTRIBUTION PENALTY. An excise tax of six percent (6%) is imposed upon any excess contribution you make to your HSA. This tax will apply each year in which an excess remains in your HSA. An excess contribution is any contribution amount which exceeds your contribution limit, excluding rollover and direct transfer amounts.
EXCESS CONTRIBUTION PENALTY. An excise tax of 6 percent is imposed upon any excess contribution made to a Xxxxxxxxx ESA. This tax will apply each year in which an excess remains in the Xxxxxxxxx ESA. An excess contribution is any contribution amount which exceeds the contribution limit, excluding rollover and direct transfer amounts. The contribution limit is $2,000 per Designated Beneficiary per year. The contribution limit may be further limited by the Depositor’s MAGI as discussed previously. The excess contribution should be removed by the Responsible Individual and made payable to the Designated Beneficiary.
EXCESS CONTRIBUTION PENALTY. An additional tax of six percent is imposed upon any excess contribution you make to your IRA. This additional tax will apply each year in which an excess remains in your IRA. An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute.
EXCESS CONTRIBUTION PENALTY. An excise tax of 6% is imposed upon any excess contribution you make to your HSA. This tax will apply each year in which an excess remains in your HSA. An excess contribution is any contribution amount that exceeds your contribution limit, excluding rollover and direct amounts.
EXCESS CONTRIBUTION PENALTY. An additional tax may be assessed against you by the IRS for contributions which exceed the permissible limits under Code section 408(a) and 408(p).
EXCESS CONTRIBUTION PENALTY. An excise tax of 6 percent is imposed upon any excess contribution you make to your XXX. This tax will apply each year in which an excess remains in your XXX. An excess contribution is any contribution amount which exceeds your contribution limit, excluding rollover and direct transfer amounts. Your contribution limit is the lesser of $2,000 or 100 percent of your compensation for the taxable year.
