EXCESS CONTRIBUTION PENALTY Sample Clauses

EXCESS CONTRIBUTION PENALTY. An additional tax of six percent is imposed upon any excess contribution you make to your ▇▇▇▇ ▇▇▇. This additional tax will apply each year in which an excess remains in your ▇▇▇▇ ▇▇▇. An excess contribution is any amount that is contributed to your ▇▇▇▇ ▇▇▇ that exceeds the amount that you are eligible to contribute.
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EXCESS CONTRIBUTION PENALTY. An excise tax of six percent (6%) is imposed upon any excess contribution you make to your HSA. This tax will apply each year in which an excess remains in your HSA. An excess contribution is any contribution amount which exceeds your contribution limit, excluding rollover and direct transfer amounts.
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EXCESS CONTRIBUTION PENALTY. An excise tax of 6 percent is imposed upon any excess contribution made to a ▇▇▇▇▇▇▇▇▇ ESA. This tax will apply each year in which an excess remains in the ▇▇▇▇▇▇▇▇▇ ESA. An excess contribution is any contribution amount which exceeds the contribution limit, excluding rollover and direct transfer amounts. The contribution limit is $2,000 per Designated Beneficiary per year. The contribution limit may be further limited by the Depositor’s MAGI as discussed previously. The excess contribution should be removed by the Responsible Individual and made payable to the Designated Beneficiary.
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EXCESS CONTRIBUTION PENALTY. An additional tax of six percent is imposed upon any excess contribution you make to your IRA. This additional tax will apply each year in which an excess remains in your IRA. An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute.
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EXCESS CONTRIBUTION PENALTY. An additional tax may be assessed against you by the IRS for contributions which exceed the permissible limits under Code section 408(a) and 408(p).
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EXCESS CONTRIBUTION PENALTY. An excise tax of 6% is imposed upon any excess contribution you make to your HSA. This tax will apply each year in which an excess remains in your HSA. An excess contribution is any contribution amount that exceeds your contribution limit, excluding rollover and direct amounts.
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EXCESS CONTRIBUTION PENALTY. An excise tax of 6 percent is imposed upon any excess contribution you make to your ▇▇▇. This tax will apply each year in which an excess remains in your ▇▇▇. An excess contribution is any contribution amount which exceeds your contribution limit, excluding rollover and direct transfer amounts. Your contribution limit is the lesser of $2,000 or 100 percent of your compensation for the taxable year.
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EXCESS CONTRIBUTION PENALTY. An excise tax of 6% is imposed upon any excess contribution made to a ▇▇▇▇▇▇▇▇▇
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Related to EXCESS CONTRIBUTION PENALTY

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • Early Distribution Penalty Tax If you receive a Traditional IRA distribution or a nonqualified ▇▇▇▇ ▇▇▇ distribution before you attain age 59½, an additional early distribution penalty tax of 10 percent generally will apply to the taxable amount of the distribution unless one of the following exceptions apply.

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax under Section 4973 of the Internal Revenue Code for that year by withdrawing the excess contribution and its earnings on or before the due date, including extensions, of the tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may be subject to a 10% early distribution penalty tax if you are under age 59½. In addition, in certain cases an excess contribution may be withdrawn after the time for filing your tax return. Finally, excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years.

  • Are There Penalties for Early Distribution from a ▇▇▇▇ ▇▇▇ As indicated above, earnings on your contributions, as well as amounts contributed to a ▇▇▇▇ ▇▇▇ as a rollover from a Traditional IRA, that are distributed before certain events are subject to various taxes. Please see IRS Publication 590 for further information about ▇▇▇▇ ▇▇▇ rules and restrictions.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.