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.
Appears in 5 contracts
Samples: Traditional Individual Retirement Custodial Account Agreement, Simplified Employee Pension (Sep) Individual Retirement Accounts Contribution Agreement, Simplified Employee Pension (Sep) Contribution Agreement
