Removal After Your Tax Filing Deadline. If you are cor- recting an excess contribution after your tax filing deadline, including extensions, remove only the amount of the excess contribution. The six percent excess contribution penalty tax will be imposed on the excess contribution for each year it remains in the Xxxx XXX. An excess withdrawal under this method is not taxable to you.
Appears in 6 contracts
Samples: Wealth Management Agreement, Account Agreement, Account Agreement
Removal After Your Tax Filing Deadline. If you are cor- recting an excess contribution after your tax filing deadline, including extensions, remove only the amount of the excess contribution. The six percent excess contribution penalty tax will be imposed on the excess contribution for each year it remains in the Xxxx XXXIRA. An excess withdrawal under this method is not will only be taxable to youyou if the total contributions made in the year of the excess exceed the annual applicable contribu- tion limit.
Appears in 1 contract
Samples: Wealth Management Agreement
