Maximum Permissible Contributions Sample Clauses

Maximum Permissible Contributions. The Board will, from time to time, establish the maximum aggregate Account balance value (the “Maximum Contribution Limit”), which will limit the amount of contributions that may be made to Accounts for any one Beneficiary, as required by Section 529, the Act and the Program Regulations. Contributions that would result in an aggregate balance in all the Accounts for the same Beneficiary in excess of the Maximum Contribution Limit will not be accepted and will be returned to the contributor (the “Contributor”). The balance in all Accounts for the same Beneficiary established under all Section 529 college savings programs sponsored by the State of Nevada under the Act will be aggregated with the balances in all Accounts established in the Plan in applying the Maximum Contribution Limit. The current Maximum Contribution Limit is set forth in the Plan Description and is subject to change at any time by the Board.
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Maximum Permissible Contributions. The Trustee, from time to time, will establish limits on the amount of contributions that may be made to Accounts for any one Beneficiary, as required by the Code, the Act, and applicable rules. Contributions in excess of those limits will not be accepted and will be returned to the contributor.
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Maximum Permissible Contributions. The Board will, from time to time, establish the maximum account balance value (Maximum Balance), whichwilllimittheamountofcontributionsthatmaybemadeto Accounts for any one designated beneficiary, as required by the Code, the Act, and the Plan Regulations. To the extent that contributions would result in an aggregate balance in all the Accounts in excess of the Maximum Balance, the excess will not be accepted and will be returned to the contributor. The initial Maximum Balance is set forth in the Plan Description and is subject to change at any time by the Board. The balance in any accounts held for a designated beneficiary in any other account in the Nevada college savings program (Nevada College Savings Program) will also be aggregated with the balances in Accounts in applying the Maximum Balance.
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Maximum Permissible Contributions. The Board will, from time to time, establish the maximum account balance value (Maximum Ac- count Balance), which will limit the amount of contributions that may be made to Accounts for any one designated beneficiary, as required by the Code, the Act, and the Plan Regulations. To the extent that con- tributions would result in an aggregate balance in all the Accounts in excess of the Maximum Account Balance, the excess will not be ac- cepted and will be returned to the contributor. The initial Maximum Account Balance is set forth in the Plan Description and is subject to change at any time by the Board. The balance in any accounts held for a designated beneficiary in any other account in the Nevada college savings program (Nevada College Savings Program) will also be aggre- gated with the balances in Accounts in applying the Maximum Ac- count Balance.
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Related to Maximum Permissible Contributions

  • Nondeductible Contributions You may make nondeductible contributions to your Traditional IRA to the extent that deductible contributions are not allowed. The sum of your deductible and nondeductible IRA contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensation). You may elect to treat deductible Traditional IRA contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Excess Contributions An excess contribution is any amount that is contributed to your 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.

  • Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.

  • When Can I Make Contributions You may make annual contributions to your Xxxx XXX any time up to and including the due date for filing your tax return for the year, not including extensions. You may continue to make regular contributions to your Xxxx XXX even after you attain RMD age. In addition, rollover contributions and transfers (to the extent permitted as discussed below) may be made at any time, regardless of your age.

  • Transfer Limitations We may limit the dollar amount or the number of transfers from your account. Please consult your Truth-in-Savings Disclosure or your Electronic Fund Transfers Agreement and Disclosure.

  • Charitable Contributions Make any charitable or similar contributions, except in amounts not to exceed five thousand dollars ($5,000) individually, and twenty thousand dollars ($20,000) in the aggregate.

  • Initial Contributions The Members initially shall contribute to the Company capital as described in Schedule 2 attached to this Agreement.

  • Other Limitations Prior to the payment in full of the Debt, neither Borrower nor any of its Affiliates shall, without the prior written consent of Lender (which may be furnished or withheld at its sole and absolute discretion), give its consent or approval to any of the following actions or items: the distribution by Mortgage Borrower or Senior Mezzanine Borrower of property other than cash.

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax for that year by withdrawing the excess contribution and its earnings on or before the date, including extensions, for filing your tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may also be subject to the 10% early distribution penalty tax if you are under age 59½. In addition, although you will still owe penalty taxes for one or more years, excess contributions may be withdrawn after the time for filing your tax return. Excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years. An individual who is partially or entirely ineligible to make contributions to a Xxxx XXX may transfer amounts of up to the yearly contribution limits to a non-deductible Traditional IRA (subject to reduction for amounts remaining in the Xxxx XXX plus other Traditional IRA contributions).

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