Excess Contribution. With respect to any Plan Year, the excess of:
(a) the aggregate amount of Employer contributions actually taken into account in computing the ADP of Highly Compensated Employees for such Plan Year, over
(b) the maximum amount of such contributions permitted by the ADP Test (determined by hypothetically reducing contributions made on behalf of Highly Compensated Employees in order of the ADPs, beginning with the highest of such percentages).
Excess Contribution. If the amount contributed by an Individual exceeds the Maximum Permissible Amount with respect to a Taxable Year, the Individual must notify the Trustee or Insurer to distribute to the Individual the excess contribution, together with any investment earnings on that amount. If any 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 Individual must meet the eligibility requirements for the subsequent year. In addition, the Individual is subject to the 6% excise tax for the initial year and each subsequent year until the excess is used up. The provisions under Code Section 408(d)(5) for Traditional or Regular IRAs (correcting excesses after the filing deadline) and under Code Section 219(f)(6) for Traditional or Regular IRAs (carrying over excesses to a subsequent year) do not apply to Xxxx IRAs. The Individual must notify the Trustee or Insurer of the excess contribution, in writing, before the date on which the Individual files, or is required to file, his or her income tax return for the Taxable Year for which the excess contribution was made.
Excess Contribution. To the extent that the Non-Contributing Member contributes a portion (but less than all) of its Pro Rata Request Amount, and another Member (the “Over-Contributing Member”) has contributed a greater percentage of its Pro Rata Request Amount than the Non-Contributing Member, the Over-Contributing Member shall have the right to elect (which election shall be made by written notice to the Company and the other Members no later than 10 Business Days following the date of the Contribution Unfunded Amount Notice) to (A) receive a special distribution of the amount of such excess (the “Excess Contribution”), such that the Excess Contribution is returned to the Over-Contributing Member (and the Company shall cause such special distribution to be made as promptly as practicable), (B) have the portion of such Excess Contribution that would have been the Non-Contributing Member’s share thereof treated as a loan to the Company (consistent with the methodology in clause (ii)(A), below), or (C) have the portion of such Excess Contribution that would have been the Non-Contributing Member’s share thereof treated as a contribution to capital (consistent with the methodology in clause (ii)(B) below).
Excess Contribution. In the event you make an excess contri- bution during a taxable year (i.e., a contribution which exceeds the allowable contribution limitations or a contribution which does not satisfy the requirements for rollover/conversion con- tributions), the Trustee will refund the excess upon request. As with a Traditional IRA, to avoid a penalty tax, you must receive the refund by the date (including extensions) pre- scribed by law for filing your income tax return for the taxable year of the excess contribution and you must receive with the refund the net earnings attributable to the excess contribution. The amount of the excess contribution withdrawn will not be considered to be a premature distribution and will not be taxed as ordinary income. However, you must report the net earn- ings withdrawn as ordinary income in the taxable year for which you made the excess contribution and such earnings may be subject to the 10% penalty tax for early withdrawals. If the return of excess contributions from the Xxxx XXX is made after the due date (including extensions) for filing your income tax return for the taxable year of the excess contribution, like the Traditional IRA a penalty tax will apply.
Excess Contribution. For purposes of this section, the term ‘‘excess contribution’’ means the sum of—
(1) the amount by which the amount contrib- uted for the taxable year to a trust or trusts described in section 501(c)(21) exceeds the amount of the deduction allowable to such person for such contributions for the taxable year under section 192, and
(2) the amount determined under this sub- section for the preceding taxable year, reduced by the sum of—
(A) the excess of the maximum amount al- lowable as a deduction under section 192 for the taxable year over the amount contrib- uted to the trust or trusts for the taxable year, and
(B) amounts distributed from the trust to the contributor which were excess contribu- tions for the preceding taxable year.
Excess Contribution. If a Non-Contributing Member timely delivers a Non-Contribution Notice, and the other Member has or is deemed to have elected to contribute its proportion amount to the Program and Budget in accordance with its Interest, such other Member (the “Contributing Member”) will have the right (but not the obligation) to elect by notice to the Non-Contributing Member delivered within 10 days after its receipt of the Non-Contribution Notice, to contribute all or any portion (an “Excess Contribution”) of the Underfunded Amount to such Program and Budget, which contribution will be treated as a Capital Contribution.
Excess Contribution. 4.01(b) Executive Management................................................. 3.18 Executive's Undertaking.............................................. 3.20
Excess Contribution. If the unit employee does not use the full City monthly contribution for dental insurance coverage, the remaining contribution amount will not be paid to the unit employee as taxable cash or contributed to a City deferred compensation plan.
Excess Contribution. If the unit employee does not use the full City monthly contribution for vision insurance coverage, the remaining contribution amount will not be paid to the unit employee as taxable cash or deferred compensation.
Excess Contribution. If the Grantor or other party makes a contribution to the Trust Account that results in an excess contribution, the Responsible Individual shall have the authority and control to remove the excess contribution pur- suant to, and in accordance with, applicable law. Your Xxxxxxxxx ESA is a Trust Account established for the benefit of the Designated Beneficiary. The Trustee is Computershare Trust Company, N.A. The Trustee may retain service providers to assist it in the day-to-day administration of your Xxxxxxxxx ESA. This Disclosure Statement summarizes the requirements for this Xxxxxxxxx ESA. The details under which Xxxxxxxxx ESA are gov- erned are specified by law and as covered in the Xxxxxxxxx ESA Trust Agreement. This Disclosure Statement is intended to pro- vide only a summary of the current rules. Because the rules with respect to Xxxxxxxxx ESAs are very com- plex, and because misunderstanding or disregarding the rules may have serious tax implications, you should consult you own tax advisor if you have questions about the information contained in this Disclosure Statement. Further information is contained in IRS Publication 970, which can also be obtained from any District Office of the IRS.
