Excess Contributions. If you defer more than the maximum allowable limit for the tax year, you have an excess deferral and must correct it. Excess deferrals, adjusted for earnings, must be distributed from your SIMPLE IRA. If your employer mistakenly contributes too much to your SIMPLE IRA as an employer contribution, your employer may effect distribution of the employer excess amount, adjusted for earnings through the date of distribution. The amount distributed to the employer is not includible in your gross income.
Appears in 25 contracts
Samples: Simple Ira Custodial Account Agreement, Simple Ira Custodial Account Agreement, Simple Ira Custodial Account Adoption Agreement
Excess Contributions. If you defer more than the maximum allowable limit for the tax year, you have an excess deferral and must correct it. Excess deferrals, adjusted for earnings, must be distributed from your SIMPLE IRA. If your employer mistakenly contributes too much to your SIMPLE IRA as an employer contribution, your employer may effect distribution of the employer excess amount, adjusted for earnings through the date of distribution. The amount distributed distrib- uted to the employer is not includible in your gross income.
Appears in 3 contracts
Samples: Wealth Management Agreement, Account Agreement, Account Agreement
Excess Contributions. If you defer more than the maximum allowable limit for the tax year, you have an excess deferral and must correct it. Excess deferrals, adjusted for earnings, must be distributed from your SIMPLE IRAXXX. If your employer mistakenly contributes too much to your SIMPLE IRA XXX as an employer contribution, your employer may effect distribution of the employer excess amount, adjusted for earnings through the date of distribution. The amount distributed to the employer is not includible in your gross income.
Appears in 2 contracts
Samples: Simple Ira Plan Agreement, Simple Ira Adoption Agreement
Excess Contributions. If you defer more than the maximum allowable limit for the tax year, you have an excess deferral and must correct it. Excess deferrals, adjusted for earnings, must be distributed from your SIMPLE IRA. If your employer mistakenly contributes too much to your SIMPLE IRA as an employer contribution, your employer may effect distribution distribu- tion of the employer excess amount, adjusted for earnings through the date of distribution. The amount distributed to the employer is not includible in your gross income.
Appears in 1 contract
Samples: Simple Ira Account Application
