Excess Contributions. An excess contribution is any amount that is contributed to your HSA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.
Appears in 13 contracts
Samples: Health Savings Account Custodial Agreement, Health Savings Account Custodial Agreement, Health Savings Account Custodial Agreement
