Maximum Contribution Limits. Your regular (including catch-up) Xxxx XXX contributions are limited to the lesser of 100 percent of your and/or your spouse's compensation or the dollar amounts set forth on the following chart. Contribution Tax Year Regular Contribution Limit Catch-Up Contribution Limit Total Contribution Limit 2014 $5,500 $1,000 $6,500 2015 $5,500 $1,000 $6,500 2016 and later years $5,500+COLA* $1,000 $6,500+COLA* * The regular XXX contribution limits are subject to annual cost-of-living adjustments (COLAs), if any.
Maximum Contribution Limits. Your regular (including catch-up) homebuyer distribution where there is a delay or cancellation in the Xxxx XXX contributions are limited to the lesser of 100 percent of purchase or construction of the home. You are limited to one rollover your and your spouse's compensation if filing jointly or the dollar per 1-year (12-month) period. You may only roll over one IRA amounts set forth on the following chart: distribution per 1-year period aggregated between all of your IRAs. Contribution Tax Year Regular Contribution Limit Catch-Up Contribution Limit Total Contribution Limit 2022 $6,000 $1,000 $7,000 2023 $6,500 $1,000 $7,500 2024 and later years $6,500* $1,000* $7,500* For this purpose IRA includes rollovers among traditional (including SEP), SIMPLE, and Xxxx IRAs. For example, if you have IRA 1, IRA 2, and IRA 3, and take a distribution from IRA 1 and roll it over into a new IRA 4, you will have to wait 1 year from the date of that distribution to take another distribution from any of your IRAs and subsequently roll it over into an IRA. The 1-year limitation does not apply to rollovers related to first-time homebuyer distributions, distributions converted to a Xxxx XXX, and rollovers from an * The regular and catch-up IRA contribution limits are subject to annual employer-sponsored eligible retirement plan. cost-of-living adjustments, if any. 3. Rollovers and Transfers from SIMPLE Xxxx IRAs. You may not
Maximum Contribution Limits. It is the responsibility of the account owner to determine whether contributions to this HSA have exceeded the maximum annual contribution limit described in Article II. If contributions to this HSA exceed the maximum annual contribution limit, the account owner shall notify the custodian that there exist excess contributions to the HSA. It is the responsibility of the account owner to request the withdrawal of the excess contribution and any net income attributable to such excess contribution.
Maximum Contribution Limits. In no event shall the contributions to the Account for a tax year on behalf of a Employee/Participant exceed the maximum allowable deferrals permitted under current law or regulation.
Maximum Contribution Limits. Company will create and maintain a database of information provided by Employer and Employer’s employees to establish and monitor the maximum allowable contribution (“MAC”) limit for each participant in the Plans, and make all reasonable efforts to prevent excess deferrals during the tax year. Company will coordinate procedures to properly correct contributions made in excess of MAC limits, if any, with the participant and investment option provider. The MAC shall be used to determine the applicable contribution limits under IRC Sections 457(b), 403(b), 402(g), and 415(c). Employer, and where applicable, the employee of the Employer participating in the Plans described above, shall provide to Company all information necessary for Company to establish the MAC limits, including, but not limited to, information described in Article 2.1. Company will rely exclusively on such information provided by the Employer and employee in establishing allowable limits and performing any required calculations.
