Common use of Account Balance Limit Clause in Contracts

Account Balance Limit. No additional contributions may be made for the benefit of an Account Owner when the fair market value of the account exceeds $400,000. If, however, the market value of such accounts falls below the Account Balance Limit, additional contributions will be accepted. Excess contributions – The Program Manager will notify you if you or another contributor attempt to make a contribution to an account that exceeds the Annual Contribution Limit or the Account Balance Limit (“Contribution Limits”). The Program Manager will not knowingly accept and will reject contributions in excess of the Contribution Limits. If the Program Manager determines that a contribution in excess of a Contribution Limit has been accepted (“Excess Contribution”), the Excess Contribution and any earnings thereon will be promptly refunded less any amounts attributable to market losses suffered between the date of the contribution and the date of the refund. If a contribution is applied to an account and it is later determined that the contribution resulted in exceeding a Contribution Limit, the Excess Contribution and any earnings will be refunded to the contributor. Any refund of an Excess contribution may be treated as a Non-Qualified Withdrawal. Excess Contributions inadvertently applied to an account and not returned to the contributor on or before the due date (including extensions) of the Account Owner’s income tax return for the year in which the Excess Contributions were made will result in the imposition on the Account Owner of a six percent (6%) excise tax on the amount of Excess Contributions.

Account Balance Limit. No additional contributions may be made for the benefit of an Account Owner when the fair market value of the account exceeds $400,000. If, however, the market value of such accounts falls below the Account Balance Limit, additional contributions will be accepted. Excess contributions – The Program Manager will notify you if you or another contributor attempt to make a contribution to an account that exceeds the Annual Contribution Limit or the Account Balance Limit (“Contribution Limits”). The Program Manager will not knowingly accept and will reject contributions in excess of the Contribution Limits. If the Program Manager determines that a contribution in excess of a Contribution Limit has been accepted (“Excess Contribution”), the Excess Contribution and any earnings thereon will be promptly refunded less any amounts attributable to market losses suffered between the date of the contribution and the date of the refund. If a contribution is applied to an account and it is later determined that the contribution resulted in exceeding a Contribution Limit, the Excess Contribution and any earnings will be refunded to the contributor. Any refund of an Excess contribution may be treated as a Non-Non- Qualified Withdrawal. Excess Contributions inadvertently applied to an account and not returned to the contributor on or before the due date (including extensions) of the Account Owner’s income tax return for the year in which the Excess Contributions were made will result in the imposition on the Account Owner of a six percent (6%) excise tax on the amount of Excess Contributions.

Account Balance Limit. No additional contributions may be made for the benefit of an Account Owner when the fair market value of the account exceeds $400,000360,000. If, however, the market value of such accounts falls below the Account Balance Limit, additional contributions will be accepted. Excess contributions – The Program Manager will notify you if you or another contributor attempt to make a contribution to an account that exceeds the Annual Contribution Limit or the Account Balance Limit (“Contribution Limits”). The Program Manager will not knowingly accept and will reject contributions in excess of the Contribution Limits. If the Program Manager determines that a contribution in excess of a Contribution Limit has been accepted (“Excess Contribution”), the Excess Contribution and any earnings thereon will be promptly refunded less any amounts attributable to market losses suffered between the date of the contribution and the date of the refund. If a contribution is applied to an account and it is later determined that the contribution resulted in exceeding a Contribution Limit, the Excess Contribution and any earnings will be refunded to the contributor. Any refund of an Excess contribution may be treated as a Non-Non- Qualified Withdrawal. Excess Contributions inadvertently applied to an account and not returned to the contributor on or before the due date (including extensions) of the Account Owner’s income tax return for the year in which the Excess Contributions were made will result in the imposition on the Account Owner of a six percent (6%) excise tax on the amount of Excess Contributions.