Excess Elective Deferrals Sample Clauses
Excess Elective Deferrals. Those Elective Deferrals or ▇▇▇▇ Elective Deferrals that are includible in a Participant’s gross income under Code Section 402(g) to the extent such Participant’s Elective Deferrals or ▇▇▇▇ Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals or ▇▇▇▇ Elective Deferrals made under this Plan and any other Plan, contract or arrangement maintained by the Employer. Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following the close of the Participant’s taxable year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution of Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals for a year shall be made first from the Participant’s pre-tax Elective Deferral account to the extent the pre-tax Elective Deferrals were made for the year. Pre-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that are not ▇▇▇▇ Elective Deferrals.
Excess Elective Deferrals. Those Elective Deferrals that are includible in a Participant's gross income under Code Section 402(g) to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code Section. Excess Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following the close of the Participant's taxable year.
Excess Elective Deferrals. How To Avoid Adverse Tax Consequences Excess elective deferrals are includible in your gross income in the calendar year of deferral. Income on the excess elective deferrals is includible in the year of withdrawal from the ▇▇▇. You should withdraw excess elective deferrals under this SEP, and any allocable income, from your SEP-▇▇▇ by April 15 following the year to which the deferrals relate. These amounts may not be transferred or rolled over tax-free to another SEP-▇▇▇. If you fail to withdraw excess elective deferrals, and any allocable income, by April 15, the excess elective deferrals will be subject to the ▇▇▇ contribution limitations of sections 219 and 408 of the Code and thus may be considered an excess contribution to your ▇▇▇. Such excess deferrals may be subject to a six percent excise tax for each year they remain in the SEP-▇▇▇. Income on excess elective deferrals is includible in your gross income in the year you withdraw it from your ▇▇▇ and must be withdrawn by April 15 following the calendar year to which the deferrals relate. Income withdrawn from the ▇▇▇ after that date may be subject to a ten percent tax on early distributions if you are not 59 1/2. If you have both excess elective deferrals and excess SEP contributions (as described below), the amount of excess elective deferrals that you withdraw by April 15 will reduce any excess SEP contributions that must be withdrawn for the corresponding plan year.
Excess Elective Deferrals. Those Elective Deferrals that are either (1) are made during the participant’s taxable year and exceed the dollar limitation under Code §402(g) (including, if applicable, the dollar limitation on Catch-up Contributions defined in §414(v)) for such year; or (2) are made during a calendar year and exceed the dollar limitation under Code 402(g) (including , if applicable, the dollar limitation on Catch-up Contributions defined in §414(v)) for the participant’s taxable year beginning in such calendar year, counting only Elective Deferrals made under this Plan and any other plan, contract or arrangement maintained by the Employer.
Excess Elective Deferrals. For purposes of this section 7.3, the term "Excess Elective Deferrals" means for each Participant the Elective Deferrals that are includable in gross income under Code section 402(g) to the extent the Participant's Elective Deferrals for a taxable year exceed the dollar limitations under Code section 402(g) for such taxable year.
Excess Elective Deferrals. (i) No Participating Employee shall be permitted to have Elective Deferrals made under this Plan or any other qualified plan maintained by the Employer during any taxable year pursuant to Code Sections 401(k), 408(k) or 403(b) in excess of the dollar limitation contained in Code Section 402(g) in effect at the beginning of such taxable year.
Excess Elective Deferrals. How to Avoid Adverse Tax Consequences Excess elective deferrals are includible in your gross income in the calendar year of deferral. Income on the excess elective deferrals is includible in your income in the year of withdrawal from the IRA. You should withdraw excess elective deferrals and any allocable income, from your SIMPLE IRA by April 15 following the year to which the deferrals relate. These amounts may not be transferred or rolled over tax-free to another SIMPLE IRA. If you fail to withdraw excess elective deferrals, and any allocable income, by the following April 15th, the excess elective deferrals will be subject to the IRA contribution limitations of sections 219 and 408 of the Code and thus may be considered an excess contribution to your IRA. Such excess deferrals may be subject to a 6% excise tax for each year they remain in your SIMPLE IRA. Income on excess elective deferrals is includible
Excess Elective Deferrals. The term “Excess Elective Deferrals” means those Elective Deferrals of a Participant that either (a) are made during the Participant’s taxable year and exceed the dollar limitation under Code §402(g) (including, if applicable, the Catch-up Contribution Limit as defined in Code §414(v)) for such taxable year; or (b) are made during a calendar year and exceed the dollar limitation under Code §402(g) (including, if applicable, the Catch-Up Contribution Limit as defined in Code §414(v)) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals made under this Plan and any other plan, contract or arrangement maintained by the Sponsoring Employer.
Excess Elective Deferrals. 8 1.44 Family Member..................................................................................8 1.45 401(k) Contributions Accounts..................................................................8 1.46 401(k) Election................................................................................8 1.47 Fully Vested Separation........................................................................8 1.48
Excess Elective Deferrals. Elective Deferrals or Designated ▇▇▇▇ Contributions that are in excess of the limitations under Code section 402(g), or that cause excess Contributions under Code section 415(c), will be returned, with earnings allocable thereto, not later than the April 15 of the year following the year in which they were contributed, after timely receipt of written instruction from the Plan Administrator requiring return of such excess elective deferrals.