Method of Withdrawing Excess After Tax Filing Due Date. If you do not correct your excess contribution in the manner prescribed above by the due date for filing your tax return, then you may withdraw the principal mount of the excess (no earnings need be distributed). The 6% penalty will, however, apply first to the year in which the excess was made and each subsequent year until it is withdrawn.
Appears in 3 contracts
Samples: Retirement Account Custodial Agreement, Account Custodial Agreement, Account Custodial Agreement
Method of Withdrawing Excess After Tax Filing Due Date. If you do not correct withdraw your excess contribution in the manner prescribed above by the due date for filing your tax return, then you may withdraw the principal mount amount of the excess (no earnings need be distributed). The 6% penalty excise tax will, however, apply first to the year in which the excess was made and each subsequent year until it is withdrawn.
Appears in 1 contract
Samples: Custody Agreement Waterhouse Securities (National Investors Cash Management Fund Inc)
