Distributions of Unwanted Xxxx XXX Contributions. by Tax-Filing Date. You may withdraw all or a portion of your regular (including catch-up) Xxxx XXX contribution and attributable earnings in the same manner as an excess contribution. However, you cannot apply your unwanted contribution as a regular Xxxx XXX contribution for a future year. The unwanted contribution amount distributed will not be taxable, but the attributable earnings on the contribution will be taxable in the year in which you made the contribution, and may be subject to the 10 percent early-distribution penalty tax. If you timely file your federal income tax return, you may still remove your unwanted contribution, plus attributable earnings, as late as October 15 for calendar year filers.
Appears in 4 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
