Contribution Limits. 1. The maximum annual contribution limit for an Account Owner with single coverage and the maximum annual contribution limit for an Account Owner with family coverage are established each year by the Internal Revenue Service (IRS). These limits are subject to cost-of-living adjustments each calendar year. Contribution limits for the current year may be found at www. xxxxxxxx.xxx or in IRS Publication 969.
2. Contributions to Xxxxxx MSAs or other HSAs count toward the maximum annual contribution limit to this HSA.
3. An additional $1,000 catch-up contribution may be made for an Account Owner who is at least age 55 or older at any time during the tax year and not enrolled in Medicare.
4. Contributions in excess of the maximum annual contribution limit are subject to an excise tax. However, the catch-up contributions are not subject to an excise tax.
5. The Account Owner will be responsible for any tax consequences that result from exceeding the contribution limits set annually by the Internal Revenue Service for single or family coverage.
Contribution Limits. Unless you are the age of 50 by the end of the year, contributions made on your behalf annually may not exceed the lesser of 100% of compensation or $5,500 (for tax year 2014 and 2015). These contribution amounts are increased annually to reflect a cost-of-living adjustment, if any. If you are age 50 or older by the close of the taxable year, you may make an additional contribution to your Traditional IRA for that tax year of up to $1,000. If you also maintain a Xxxx XXX, the maximum contribution to your Traditional IRA is reduced by any contributions you make to your Xxxx XXX. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the contribution limit or 100% of your compensation. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA and you make voluntary employee contributions to that separate account, the total amount listed above that you may contribute to all of your IRAs is reduced by those voluntary employee contributions. If you and your spouse file a joint federal income tax return and your compensation is less than your spouse’s (including zero), you and your spouse may each fund an IRA according to the contribution limits (above). However, the total contributions to both of your IRAs may not exceed the combined compensation of you and your spouse.
Contribution Limits. The Corporation and the Participating Holders agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation (even if the Participating Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in Section 6(e). The amount paid or payable by an indemnified party as a result of the Losses referred to in Section 6(e) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6, no Participating Holder shall be required to contribute pursuant to this Section 6 any amount in excess of the difference of (i) any amounts paid pursuant to Section 6(b) and (ii) the net proceeds received by such Participating Holder from the sale of Registrable Securities covered by the registration statement filed pursuant hereto. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
Contribution Limits. The maximum amount that may be contributed to a Xxxx XXX annually is generally $5,500 for tax years 2014 and 2015. These amounts may increase for years thereafter for cost-of-living adjustments, when applicable. If you are age 50 or older before the end of the tax year and are eligible for a catch-up contribution, then an additional $1,000 may generally be contributed for a total of $6,500 for 2014 and 2015. This maximum Xxxx XXX contribution amount, however, may be reduced if your modified adjusted gross income (MAGI) exceeds $181,000 (for 2014) or $183,000 (for 2015) if you are a married individual who files a joint income tax return, or $114,000 (for 2014) or $116,000 (for 2015) if you are a single individual. The MAGI limits listed above will be increased annually to reflect a cost-of-living adjustment, if any. You are responsible for determining the maximum amount that you may contribute to a Xxxx XXX. If you are a married person filing a separate return (who lived together with your spouse at any time during the year), the maximum Xxxx XXX contribution amount may be reduced if your MAGI threshold is more than zero (-$0-). If you are not married, you may not contribute an amount in excess of your compensation, or if you are a married individual who files a joint tax return, you and your spouse may not contribute, in aggregate, an amount in excess of your combined compensation. If you have more than one Xxxx XXX, the amount that you may contribute to a Xxxx XXX as described above applies to the total amount you may contribute to all of your Xxxx IRAs for the year. If you also have a Traditional IRA, the maximum amount that you may contribute to all of your Xxxx IRAs and Traditional IRAs in aggregate is for a given tax year is $5,500 (for tax year 2014 and 2015), not to exceed your compensation. If you are age 50 or older before the end of the tax year and are eligible for a catch-up contribution, then an additional $1,000 may generally be contributed for a given tax year a total of $6,500 (for 2014 and 2015), not to exceed your compensation. These amounts may increase for years thereafter for cost-of-living adjustments, when applicable. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA and you make voluntary employee contributions to that separate account, the total contribution amounts listed above are reduced by those voluntary employee c...
Contribution Limits. In no event shall the contributions to the Account for a tax year on behalf of the Participant exceed the maximum amount permitted under current law or regulation.
(a) The contributions made during a tax year on behalf of the Participant, when aggregated with other contributions made through the Participant’s Employer (or controlled group of Employers under Code Sections 414(b), (c), (m) or (o)), shall not exceed the limitations set forth in Code Section 403(b)(1) for that year (including the limits under Code Section 415). If the limits under Code Section 415 are exceeded, then, for the year of the excess and each year thereafter, the Custodian shall separately account for the excess.
(b) With respect to Elective Deferrals, the Account must satisfy Code Section 401(a)(30). That means that the maximum of all applicable elective deferrals (including Elective Deferrals made to the Account or any other elective deferrals made under the Plan or any other plan of the Participant’s Employer or other entities that are required to be treated as an employer with that Employer under Treasury Regulations or other guidance) made on the Participant’s behalf during the Participant’s tax year shall not exceed the limitations set forth in Code Section 402(g)(1). The Account must also satisfy any other limitations described in Treasury Regulation 1.403(b)-4, including the limitations applicable to age 50 catch-up provisions and to special Section 403(b) catch-up provisions.
(c) Notwithstanding any provision of this Agreement to the contrary, effective December 12, 1994, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Code Section 414(u).
(d) The Custodian may accept contributions for the Participant from a former Employer, if Treasury Regulation 1.403(b)-4(d) is satisfied.
(e) The Participant is solely responsible for determining their maximum annual Elective Deferrals.
(f) Each type of contribution described in this Article 2.05 and earnings or losses attributable to the type of contributions shall be separately accounted for.
(g) If the Participant elects to receive a distribution for a financial hardship described in Article 4.02 of this Agreement, he or she shall cease making Elective Deferrals as described therein.
Contribution Limits. The IRS limits the amounts that can be contributed to retirement plans annually. •The overall limit [415(c)] is the total of employer and employee salary deferral contributions. One’s personal limit is capped at the lesser of the IRS stated dollar amount or his/her includible compensation (excludes housing allowance). •The employee salary deferral limit [402(g)] covers all pre-tax and Xxxx deferrals to all 403(b) and 401(k) plans. •The age 50 catch-up limit [414(v)] allows Members who turn age 50 or older during the calendar year to make additional deferral contributions up to the catch-up limit. For current year information, please visit the homepage of the FCMM website (xxx.xxxxxxxxxxxx.xxx) The FCMM Summary Plan Description is available at xxx.xxxxxxxxxxxx.xxx and should be made available to all FCMM plan participants as a reference when questions arise about their 403(b) accounts. A copy of this form must be kept at your location for your records and sent to FCMM. Submit this completed form to FCMM using one of the methods below, preferably using our secure file exchange. xxxxx://xxxxxxxxxxxx.xxxxxxxx.xxx FCMM Benefits & Retirement 000 Xxxx 00xx Xxxxxx Xxxxxxxxxxx, XX 00000 240123 A copy of FCMM’s Privacy Notice can be found at xxxxxxxxxxxx.xxx FORM 28 – DESIGNATION/REVOCATION OF EMPLOYER AUTHORIZED CONTACT Organization Name: Org #/Church ID: Organization Address: Street City State Zip Code
Contribution Limits. Your employer will determine the amount to be contributed to your IRA each year. However, the amount for any year is limited to the smaller of $30,000* or 15% of your compensation (currently limited to $160,000) for that year. Compensation does not include any amount that is contributed by your employer to your IRA under the SEP. Your employer is not required to make contributions every year or to maintain a particular level of contributions. Tax Treatment of Contributions.--Employer contributions to your SEP-IRA are excluded from your income unless there are contributions in excess of the applicable limit. Employer contributions within these limits will not be included on your Form W-2. Employee Contributions.--You may contribute the smaller of $2,000 or 100% of your compensation to an IRA. However, the amount you can deduct may be reduced or eliminated because, as a participant in a SEP, you are covered by an employer retirement plan.
Contribution Limits. Contributions are limited to the current IRS and district guidelines. To determine the appropriate contribution, it is best to talk the agent representing the 403(b) or 457 company or a tax advisor. The Shawnee Mission Schools human resource and payroll departments do not have financial planners or tax advisors on staff.
Contribution Limits. The IRS limits the amounts that can be contributed to retirement plans annually.
Contribution Limits. We will not accept any contribution (i) unless it is in cash as the term is used in section 223 of the Code, or (ii) that portion of the contribution that exceeds the maximum possible contribution for Health Savings Accounts specified in section 223 of the Code for the calendar year, except certain rollover contributions, and except as otherwise permitted by law or guidance issued by the U.S. government. Automated Clearing House (ACH) Deposits. We will provisionally credit your Account for an ACH entry until we receive the final settlement for the item or payment order. If we do not receive the final settlement or if we credit your Account by mistake, we may exercise our option to reverse the credit or require that you reimburse us by direct payment.
