Removal Before Your Tax Filing Deadline. An excess contribution may be corrected by withdrawing the excess amount, along with the earnings attributable to the excess, before your tax filing deadline, including extensions, for the year for which the excess contribution was made. An excess withdrawn under this method is not taxable to you, but you must include the earnings attributable to the excess in your taxable income in the year in which the contribution was made. The six percent excess contribution penalty tax will be avoided.
Appears in 175 contracts
Samples: Individual Retirement Custodial Account Agreement, Traditional Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement
Removal Before Your Tax Filing Deadline. An excess contribution may be corrected by withdrawing the excess amount, along with the earnings attributable to the excess, before your tax filing deadline, including extensions, for the year for which the excess contribution was made. An excess withdrawn under this method is not taxable to you, but you must include the earnings attributable to the excess in your taxable income in the year in which the contribution was made. The six percent excess contribution penalty tax will be avoidedbeavoided.
Appears in 10 contracts
Samples: Customer Account Agreement, Roth Ira Account Application & Agreement, Roth Ira Account Application & Agreement
Removal Before Your Tax Filing Deadline. An excess contribution con- tribution may be corrected by withdrawing the excess amount, along with the earnings attributable to the excess, before your tax filing deadline, including extensions, for the year for which the excess contribution was made. An excess withdrawn under un- der this method is not taxable to you, but you must include the earnings attributable to the excess in your taxable income in the year in which the contribution was made. The six percent excess contribution penalty tax will be avoided.
Appears in 6 contracts
Samples: Wealth Management Agreement, Account Agreement, Account Agreement
Removal Before Your Tax Filing Deadline. An excess contribution may be corrected by withdrawing the excess amount, along with the earnings attributable to the excess, before your tax filing deadline, including extensions, for the year for during which the excess contribution was made. An excess withdrawn under this method is not taxable to you, but you must include the earnings attributable to the excess in your taxable income in the year in which the contribution was made. The six percent excess contribution penalty tax will be avoidedbeavoided.
Appears in 5 contracts
Samples: Individual Retirement Custodial Account Agreement, Individual Retirement Custodial Account Agreement, Individual Ira or Sep Account Application & Agreement
Removal Before Your Tax Filing Deadline. An excess contribution may be corrected by withdrawing the excess amount, along with the earnings attributable to the excess, before your tax filing deadline, including extensions, for the year for during which the excess contribution was made. An excess withdrawn under this method is not taxable to you, but you must include the earnings attributable to the excess in your taxable income in the year in which the contribution was made. The six percent excess contribution penalty tax will be avoided.
Appears in 1 contract
Samples: Round Ira Client Agreements
Removal Before Your Tax Filing Deadline. An excess contribution may be corrected cor- rected by withdrawing the excess amount, along with the earnings attributable to the excess, before your tax filing deadline, including extensions, for the year for which the excess contribution was made. An excess withdrawn under this method is not taxable to you, but you must include the earnings attributable to the excess in your taxable income in the year in which the contribution was made. The six percent excess contribution penalty tax will be avoided.
Appears in 1 contract
Samples: Traditional Ira Plan Agreement
