Common use of Excess Contribution Clause in Contracts

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. 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 an 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 six percent (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. 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 Rxxx 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 Rxxx 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. 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. 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 an 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 Rxxx 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 six percent (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 Rxxx 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. 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.