EXCESS CONTRIBUTION PENALTY. An additional tax of six percent is imposed upon any excess contribution you make to your Xxxx XXX. This additional tax will apply each year in which an excess remains in your Xxxx XXX. An excess contribution is any amount that is contributed to your Xxxx XXX that exceeds the amount that you are eligible to contribute.
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Samples: Roth Ira Custodial Account Agreement, Traditional Individual Retirement Custodial Account Agreement, Wealthfront Roth Ira Agreement
EXCESS CONTRIBUTION PENALTY. An additional tax of six percent is imposed upon any excess contribution you make to your Xxxx XXX. This additional tax will apply each year in which an excess remains in your Xxxx XXX. An excess contribution is any amount that is contributed to your Xxxx XXX that exceeds the amount that you are eligible to contribute.
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