Contribution Method. If an excess is not corrected by the tax filing deadline, including extensions, for the year during which the excess contribution was made, such excess contribution may be applied, on a year- by-year basis, against the annual limit for regular Xxxx XXX contributions. However, in order to “carry over” the excess contribution and treat it as a contribution made for a subsequent year, the participant must meet the eligibility requirements for the subsequent year. In addition, the taxpayer is subject to the 6% excise tax for the initial year and each subsequent year until the excess is used up. CONTRIBUTION RECHARACTERIZATIONS You may be able to recharacterize certain contributions under the following two different circumstances: • By recharacterizing a current year regular contribution plus earnings explained in this section; or • By recharacterizing a conversion made to a Xxxx XXX by transferring the amount plus earnings back to a traditional IRA discussed in the next section under the heading “Conversion from a Traditional IRA to a Xxxx XXX”. If you decide by your tax filing deadline (including extensions) of the year for which the contribution was made to transfer a current year contribution plus earnings from your traditional IRA to a Xxxx XXX, no amount will be included in your gross income as long as you did not take a deduction for the amount of the contribution. You may also recharacterize a current year contribution plus earnings from your Xxxx XXX to a traditional IRA by your tax filing deadline including extensions of the year for which the contribu- tion was made. In order to recharacterize a regular contribution from one type of IRA to another type of IRA, you must be eligible to make a regular contribution to the IRA to which the contribution plus earnings is recharacterized. All recharacterizations must be accomplished as a direct transfer, rather than a distribution and subsequent rollover. You are also required to report recharacterizations to the IRS in accordance with the instructions to IRS Form 8606. Prior year excess contributions made to an IRA that are carried over to a subsequent year cannot be recharacter- ized as a current year contribution to another IRA. Only actual contributions made for a taxable year may be recharacterized. Any recharacterized contri- bution (whether a regular contribution or a conversion) cannot be revoked after the transfer. You are required to notify both trustees (or custodians) and to provide them with cer...
Contribution Method. Recurring Contribution (from employee checking or savings account) Direct Deposit from employee paychecks 3 Financial Advisor Information (To be completed by the financial advisor.) Firm Name Financial Advisor Name (first, middle initial, last) Branch Number Advisor ID Number/IRD Number BIN Number (if applicable) Matrix Level Mailing Address City State Zip Code Telephone Number 4 Signature — YOU MUST SIGN BELOW By signing below, I hereby certify that: I am an authorized officer of the company identified above (the “Employer”) and that the company wishes to offer employees the ability to contribute to the 529 college savings plan designated above (“Program”) via direct deposit or automatic funds transfer, as indicated above. The Employer shall have no authority to act as agent for or to bind in any way whatsoever the Program, the State of Colorado or CollegeInvest, as the sponsor of the Program, Xxxx Xxxxx Investor Services, LLC, any affliate of Xxxx Xxxxx Investor Services, LLC, or the Financial Advisor designated below. The Employer shall be responsible for complying with employee instructions with respect to direct deposits, if applicable, and for determining that any direct deposits are made in compliance with applicable law. Xxxx Xxxxx Investor Services, LLC shall be responsible for properly applying and investing contributions in employees’ Program accounts as such contributions are received by the Program. The Employer and Xxxx Xxxxx Investor Services, LLC (each an “Indemnifying Party”) shall hold harmless and indemnify each other, the Financial Advisor and their firm designated below, each other’s affiliates and each of such entities’ respective officers, directors, agents and employees (each an “Indemnified Party”) from and against every claim, loss, liability, damage, expense (including reasonable attorneys’ fees), demand, and suit in law or equity arising from, attributable to or caused by the breach of this Agreement by the Indemnifying Party, a misrepresentation by the Indemnifying Party in describing the Program to employees, or the negligence or willful misconduct of the Indemnifying Party in the course of its conduct related to this Agreement, except for any liability resulting from breach of this Agreement by the Indemnified Party or the negligence or willful misconduct of the Indemnified Party. Either the Employer or Xxxx Xxxxx Investor Services, LLC may terminate this Agreement upon 30 days notice to the other party. Any notice to be give...
Contribution Method. 2.1.1 Partners shall only make contributions in cash.
Contribution Method. 14.7 The Contribution Method is that the Partners shall agree their contributions to the relevant Pooled Fund in each Financial Year.
Contribution Method. (Check all that apply.) Recurring Contribution (from employee checking or savings account) Direct Deposit (from employee paychecks)
