Excess Contributions. An excess contribution is any amount that is contributed to your Roth IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.
Excess Contributions. Any contributions to your IRA over and above the permissible limits set forth above are considered “excess contributions” subject to an annual excise tax of 6% of the amount of the excess contributions for each year in which the excess contribution remains in your IRA. Such excess contributions may be corrected (so that the 6% excise tax will not apply) by withdrawing the excess contributions and related earnings, as determined by you, from the IRA on or before the due date (including extensions) for filing your federal income tax return for the year for which the contribution relates. The amount of the excess contribution will not be considered a premature distribution nor be taxed as ordinary income. However, any earnings withdrawn will be taxed as ordinary income. In addition, the 10% penalty tax generally imposed on premature distributions will apply to the withdrawal of the earnings unless you have attained the age of 59½. Alternatively, you may carry forward any excess contributions for one year and report it in a subsequent year as an annual contribution to the extent that the excess, when aggregated with your IRA contribution (if any) for the subsequent year, does not exceed the maximum permitted contribution for that year. The 6% excise tax will be imposed on excess contributions for each year they remain in the IRA.
Excess Contributions. The Depositor is responsible for the determination of any excess contributions and the timely withdrawal thereof. If the IRS or the Depositor notifies the Custodian in writing that the contributions to the Account have exceeded the contribution limitations described in Article I of the Plan, the Custodian shall distribute from the Account to the Depositor the amount of such excess contribution and, as determined by the Depositor, any income attributable thereto. The Depositor may revoke such notice in writing if the IRS has not notified the Custodian of the IRS’ determination that the excess contribution was willfully made by the Depositor. The Custodian, at the request of the Depositor, may credit as a contribution for the current taxable year, the amount shown in the notice of the Depositor revoking his or her prior notification.
Excess Contributions. Any excess contributions (as defined in Section 4973(c) of the Code) that are made to the Account shall be subject to the six percent excise tax of Section 4973(a) of the Code. Neither the Custodian nor the Company shall have any duty or responsibility for determining whether any contributions to the Account are excludable from the Employee's gross income, or for assuring that any contributions to the Account do not constitute excess contributions for purposes of Code Section 4973. The disposition of excess contributions will be made in accordance with instructions from the Employer, if the Employee has not separated from service, or otherwise, from the Employee. The Employer or Employee providing such instructions is responsible for determining that they are consistent with applicable law.
Excess Contributions. When you contribute more to your HSA than allowed to for the year, you will have excess contributions. You determine if you have excess contributions. In addition to having to pay income taxes on the excess amount, you may also have to pay an excise tax. If you do have excess contributions, you can ask us to withdraw the excess amount and any earnings on that amount. You can avoid paying the excise tax if you withdraw the excess amounts by the tax filing deadline, including extensions, for the year that you deposited the contribution. You may also have to pay all relevant income taxes and any tax penalties on the excess amount and earnings. Statutory Contribution Maximum The statutory contribution maximum is the most that anyone could contribute to an HSA for the year. This is the family contribution limit plus the catch-up contribution. We cannot allow an accountholder to contribute more than this amount. If you attempt to make a deposit that will place your total contributions for the year over this statutory maximum, we will reject the entire deposit. This is true regardless of whether the contribution comes directly from you or from your employer. You can adjust your deposit amount to bring your total annual contributions to the statutory maximum.
Excess Contributions. On receipt of instructions from [you or the Contractholder], we will withdraw Excess Contributions, plus gains and minus losses, from your Participant Account and return them to [you]. Such instructions must state the amount to be returned and certify that such Contributions are Excess Contributions and that such return is permitted by the Code. A return of Excess Contributions is treated like a benefit payment under Section 5.2(a). No Participant is permitted to have elective deferral contributions (within the meaning of Code Section 402(g)(3)) made during a calendar year under the Contract, or under any other plans, contracts, or arrangements maintained by his employer, in excess of the dollar limitation in TDA.GMDB.OM-C [(SBR)] 7 effect under Code Section 402(g)(1) and any Regulations issued thereunder for taxable years beginning in such calendar year. TDA.GMDB.OM-C [(SBR)] 8
Excess Contributions. Any contributions to your Roth IRA over and above the permissible limits are considered “excess contributions” subject to an annual excise tax of 6% of the amount of the excess contributions for each year in which the excess contribution remains in your IRA. You must file IRS Form 5329 with your income taxes to report and pay any penalty taxes to the IRS. Excess Contribution Correction By Due Date of Tax Return: Excess contributions may be corrected (so that the 6% excise tax will not apply) by withdrawing the excess contributions and related earnings, as determined by you, from the Roth IRA on or before the due date (including extensions) for filing your federal income tax return for the year for which the contribution relates. If, however, you timely filed your federal tax return, you can still have the excess contribution and related earnings returned to you within six months of the due date of your tax return for which the contribution relates, excluding extensions. When the excess contribution is removed with the related earnings, the amount of the excess contribution will not be considered a premature distribution nor be taxed as ordinary income. However, any earnings withdrawn will be taxed as ordinary income. In addition, the 10% penalty tax generally imposed on premature distributions will apply to the withdrawal of the earnings unless you have attained the age of 59½, or meet another penalty exception. For assistance in calculating the earnings related to the excess contribution using the IRS-approved method, refer to Treasury Regulation 1.408-11, IRS Publication 590-A and your tax advisor. Excess Contribution Correction After Due Date of Tax Return: To correct an excess contribution after your tax filing due date (including extensions), or after your six-month extension (if you timely filed your federal tax return), you may withdraw the excess amount (no earnings need to be withdrawn.) An excess contribution withdrawn from your Roth IRA after your tax filing due date (plus extensions), is generally not taxable to you. Alternatively, if you are eligible to contribute in a subsequent year, you may correct an excess contribution amount by redesignating the amount to a subsequent tax year. To redesignate an excess contribution for a subsequent tax year, you must under contribute in a subsequent tax year and carry forward the original contribution on your income tax records for that subsequent tax year. Regardless of which method (i.e., removal or re...
Excess Contributions. If, for any Plan Year, the aggregate amount of contributions to the Accounts of Participants who are HCEs exceeds the maximum amount permitted in paragraph (b) above, the Administrator may distribute such excess amount plus or minus any Income or loss allocable to such excess amount to some or all of the Participants who are HCEs (determined by reducing contributions made on behalf of Participants who are HCEs beginning with the HCE with the largest amount of deferrals and continuing in descending order until all the excess contributions have been allocated -- for purposes of this Section, the "largest amount" is determined after the distribution of any excess contributions) during the period beginning on the first day following the close of the Plan Year in which the excess contributions arose and ending on the date that is 2-1/2 months from the close of such Plan Year, and in all events shall distribute such Amount no later than the close of the following Plan Year. In relation to a Participant who is an HCE for whom the Administrator determines his or her ADP pursuant to the family aggregation rules, which applied prior to the Plan Year commencing January 1, 1997, the Administrator shall allocate any such excess contributions-plus or minus any income or loss-among the family members in proportion to the elective contributions of each family member combined to determine the Participant's ADP. The Administrator shall calculate any excess pursuant to this Section after determining the amount of excess elective contributions pursuant to Article 3. For purposes of this Section, "Excess Contributions" shall mean, with respect to any Plan Year, the excess of: [a] the aggregate amount of employer contributions actually taken into account in computing the ADP of HCE's for such Plan Year; over [b] the maximum amount of such contributions permitted by the ADP test (determined by hypothetically reducing contributions made on behalf of HCE's in order of the ADP's, beginning with the highest such percentage). Income allocable to excess contributions shall be determined: [a] under any reasonable method used of allocating income to all Participants' Accounts as applied consistently to all Participants for the Plan Year; or [b] by multiplying income allocable to the Participant's elective contributions (and qualified nonelective contributions and qualified matching contributions, if any) for the Plan Year by a fraction, the numerator of which equals the Participant's Ac...
Excess Contributions. Contributions to the Account in excess of the maximum annual contribution limit (other than catch-up contributions) are subject to a federal excise tax. It is the responsibility of the Member to determine whether contributions to the Account have exceeded the maximum annual contribution limit described in Article II. If contributions to the Account exceed the maximum annual contribution limit, the Member must notify the Custodian that there are excess contributions to the Account. It is the responsibility of the Member to request the withdrawal of the excess contributions and any net income attributable to such excess contributions and to pay any applicable taxes thereon.
Excess Contributions. If you defer more than the maximum allowable limit for the tax year, you have an excess deferral and must correct it. Excess deferrals, adjusted for earnings, must be distributed from your SIMPLE IRA. If your employer mistakenly contributes too much to your SIMPLE IRA as an employer contribution, your employer may effect distribution of the employer excess amount, adjusted for earnings through the date of distribution. The amount distributed to the employer is not includible in your gross income.