Common use of Carry Forward of Excess Contributions to a Subsequent Year Clause in Contracts

Carry Forward of Excess Contributions to a Subsequent Year. Excess contributions that are not withdrawn from your Xxxx XXX may be carried forward and applied as a contribution for a subsequent tax year. Provided you are eligible to contribute to a Xxxx XXX and not have otherwise made your maximum IRA contribution for the subsequent year you would report the amount of the excess you are applying as a contribution for the subsequent year on your federal tax return. The excise tax of 6% will be imposed on any excess amounts for each year that the excess amount remains as an excess contribution at the end of the year. You must file IRS Form 5329 Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts along with your income tax return to report and remit any additional taxes to the IRS. Tax-Deferred Earnings – The investment earnings you earn in your Xxxx XXX are not subject to federal income tax. See below for taxation of XXXX XXX distributions.

Carry Forward of Excess Contributions to a Subsequent Year. Excess contributions that are not withdrawn from your Xxxx XXX may be carried forward and applied as a contribution for a subsequent tax year. Provided you are eligible to contribute to a Xxxx XXX and not have otherwise made your maximum IRA XXX contribution for the subsequent year you would report the amount of the excess you are applying as a contribution for the subsequent year on your federal tax return. The excise tax of 6% will be imposed on any excess amounts for each year that the excess amount remains as an excess contribution at the end of the year. You must file IRS Form 5329 Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts along with your income tax return to report and remit any additional taxes to the IRS. Tax-Deferred Earnings – The investment earnings you earn in your Xxxx XXX are not subject to federal income tax. See below for taxation of XXXX XXX distributions.

Carry Forward of Excess Contributions to a Subsequent Year. Excess contributions that are not withdrawn from your Xxxx XXX may be carried forward and applied as a contribution for a subsequent tax year. Provided you are eligible to contribute to a Xxxx XXX and not have otherwise made your you r maximum IRA contribution for the subsequent year you would report the amount of the excess you are applying as a contribution for the subsequent year on your federal tax return. The excise tax of 6% will be imposed on any excess amounts for each year that the excess amount remains as an excess contribution at the end of the year. You must file IRS Form 5329 Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts along with your income tax return to report and remit any additional taxes to the IRS. Tax-Deferred Earnings – The investment earnings you earn in your Xxxx XXX are not subject to federal income tax. See below for taxation of XXXX XXX distributions.