Common use of Excess Contribution Penalty Tax Clause in Contracts

Excess Contribution Penalty Tax. Excess contributions to your without being subject to the one rollover per 1-year limitation or the SIMPLE IRA may be the result of your elective (including catch-up) 60-day requirement. Also, amounts distributed prior to the qualified deferrals exceeding the calendar year dollar amount limits, your disaster for a first-time home purchase may be recontributed within employer making matching or nonelective contributions which prescribed time limits. For additional disaster area information and IRS exceed the limits for these contributions, or your employer making guidance on associated tax relief, refer to IRS forms, notices and contributions to your SIMPLE IRA after the date your employer publications, or visit the IRS's website at xxx.xxx.xxx/XxxxxxxxXxxXxxxxx. determines it was not eligible to maintain the SIMPLE plan. The The purpose of this Financial Disclosure is to provide you with an IRS required growth projection of the value of your SIMPLE IRA available for withdrawal at the end of each of the first five years of its existence and at the end of the years in which you attain the ages of 60, 65, and 70. Certain assumptions are applied that may vary from your actual investment provisions. How to use the tables. These financial disclosure tables do not accommodate certain fees that may be charged to this SIMPLE IRA such as annual administration or establishment fees. Your projection will come from the Annual Contributions Table if your initial contribution is an employer SIMPLE IRA plan contribution. The Other Contributions Table will be used if your initial contribution is a rollover or a transfer. The top section of each table provides the projected values at the end of the first five years of the SIMPLE IRA. Find your age as of January 1 of this year of establishment on the Three projection methods are provided for the situations where the nature appropriate table. If your birthday is January 1 of this year, find your of your initial investment allows for a reasonable projection. The fourth age as of December 31 of the previous year. The amounts to the right projection method is for initial investments whose growth cannot be of your age are the projected values of your SIMPLE IRA at the end reasonably projected. of the year you attain age 60, 65, and 70. See SIMPLE IRA FEES The growth projection must be made assuming either a $1,000 contribution made on January 1 of each year or a $1,000 one-time AND LOSS OF EARNINGS PENALTIES to determine the applicable loss of earnings penalty column to use for your projection. contribution made on January 1 of your first year. The annual l Projection Method TwofCustom Projection. contribution represents an initial contribution that is an employer Your SIMPLE IRA's values projected below are based on the SIMPLE contribution. One-time contributions include a rollover or a transfer. These projected amounts are not guaranteed. following assumptions (Check one): l Annual Contributions. SIMPLE IRA FEES AND LOSS OF EARNINGS PENALTIES l Rollover/Transfer (one-time) Contribution.

Excess Contribution Penalty Tax. Excess contributions to your without being subject to the one rollover per 1-year limitation or the SIMPLE IRA may be the result of your elective (including catch-up) 60-day requirement. Also, amounts distributed prior to the qualified deferrals exceeding the calendar year dollar amount limits, your disaster for a first-time home purchase may be recontributed within employer making matching or nonelective contributions which prescribed time limits. For additional disaster area information and IRS exceed the limits for these contributions, or your employer making guidance on associated tax relief, refer to IRS forms, notices and contributions to your SIMPLE IRA after the date your employer publications, or visit the IRS's website at xxx.xxx.xxx/XxxxxxxxXxxXxxxxx. determines it was not eligible to maintain the SIMPLE plan. The FINANCIAL DISCLOSURE The purpose of this Financial Disclosure is to provide you with an IRS required growth projection of the value of your SIMPLE IRA available for withdrawal at the end of each of the first five years of its existence and at the end of the years in which you attain the ages of 60, 65, and 70. Certain assumptions are applied that may vary from your actual investment provisions. How to use the tables. These financial disclosure tables do not accommodate certain fees that may be charged to this SIMPLE IRA such as annual administration or establishment fees. Your projection will come from the Annual Contributions Table if your initial contribution is an employer SIMPLE IRA plan contribution. The Other Contributions Table will be used if your initial contribution is a rollover or a transfer. The top section of each table provides the projected values at the end of the first five years of the SIMPLE IRA. Find your age as of January 1 of this year of establishment on the Three projection methods are provided for the situations where the nature appropriate table. If your birthday is January 1 of this year, find your of your initial investment allows for a reasonable projection. The fourth age as of December 31 of the previous year. The amounts to the right projection method is for initial investments whose growth cannot be of your age are the projected values of your SIMPLE IRA at the end reasonably projected. of the year you attain age 60, 65, and 70. See SIMPLE IRA FEES The growth projection must be made assuming either a $1,000 contribution made on January 1 of each year or a $1,000 one-time AND LOSS OF EARNINGS PENALTIES to determine the applicable loss of earnings penalty column to use for your projection. contribution made on January 1 of your first year. The annual l Projection Method TwofCustom Projection. contribution represents an initial contribution that is an employer Your SIMPLE IRA's values projected below are based on the SIMPLE contribution. One-time contributions include a rollover or a transfer. These projected amounts are not guaranteed. following assumptions (Check one): l Annual Contributions. SIMPLE IRA FEES AND LOSS OF EARNINGS PENALTIES l Rollover/Transfer (one-time) Contribution. This Section Applies To The Projection Method Selected. Your age on January 1 of this initial contribution year: The fees and penalties listed below may affect the projected value of your SIMPLE IRA. The disclosed fees and penalties will be included in that projection method applicable to your Financial Disclosure. With the Earnings Rate: % Compounding Method: exception of distribution transaction or termination fees, Projection . Method One cannot be used if any other SIMPLE IRA Fee and/or certain Loss of Earnings Calculation Method: Other boxes are checked below, including the Other box under Loss of Earnings Penalty.

Excess Contribution Penalty Tax. Excess contributions to your without being subject to the one rollover per 1-year limitation or the SIMPLE IRA may be the result of your elective (including catch-up) 60-day requirement. Also, amounts distributed prior to the qualified deferrals exceeding the calendar year dollar amount limits, your disaster for a first-time home purchase may be recontributed within employer making matching or nonelective contributions which prescribed time limits. For additional disaster area information and IRS exceed the limits for these contributions, or your employer making guidance on associated tax relief, refer to IRS forms, notices and contributions to your SIMPLE IRA after the date your employer publications, or visit the IRS's website at xxx.xxx.xxx/XxxxxxxxXxxXxxxxx. determines it was not eligible to maintain the SIMPLE plan. The The purpose of this Financial Disclosure is to provide you with an IRS required growth projection of the value of your SIMPLE IRA available for withdrawal at the end of each of the first five years of its existence and at the end of the years in which you attain the ages of 60, 65, and 70. Certain assumptions are applied that may vary from your actual investment provisions. How to use the tables. These financial disclosure tables do not accommodate certain fees that may be charged to this SIMPLE IRA such as annual administration or establishment fees. Your projection will come from the Annual Contributions Table if your initial contribution is an employer SIMPLE IRA plan contribution. The Other Contributions Table will be used if your initial contribution is a rollover or a transfer. The top section of each table provides the projected values at the end of the first five years of the SIMPLE IRA. Find your age as of January 1 of this year of establishment on the Three projection methods are provided for the situations where the nature appropriate table. If your birthday is January 1 of this year, find your of your initial investment allows for a reasonable projection. The fourth age as of December 31 of the previous year. The amounts to the right projection method is for initial investments whose growth cannot be of your age are the projected values of your SIMPLE IRA at the end reasonably projected. of the year you attain age 60, 65, and 70. See SIMPLE IRA FEES The growth projection must be made assuming either a $1,000 contribution made on January 1 of each year or a $1,000 one-time AND LOSS OF EARNINGS PENALTIES to determine the applicable loss of earnings penalty column to use for your projection. contribution made on January 1 of your first year. The annual l Projection Method TwofCustom Projection. contribution represents an initial contribution that is an employer Your SIMPLE IRA's values projected below are based on the SIMPLE contribution. One-time contributions include a rollover or a transfer. These projected amounts are not guaranteed. following assumptions (Check one): l Annual Contributions. SIMPLE IRA FEES AND LOSS OF EARNINGS PENALTIES l Rollover/Transfer (one-time) Contribution. The fees and penalties listed below may affect the projected value of your SIMPLE IRA. The disclosed fees and penalties will be included in that projection method applicable to your Financial Disclosure. With the Earnings Rate: % Compounding Method: exception of distribution transaction or termination fees, Projection . Method One cannot be used if any other SIMPLE IRA Fee and/or certain Loss of Earnings Calculation Method: Other boxes are checked below, including the Other box under Loss of Earnings Penalty. .