Removal of Excess Contributions Sample Clauses

Removal of Excess Contributions. You may withdraw all or a portion of your excess contribution and attributable earnings by your federal income tax return due date, including extensions, for the taxable year for which you made the contribution. The excess contribution amount distributed will not be taxable, but the attributable earnings on the contribution will be taxable in the year in which you made the contribution. In certain situations, you may treat your excess as a regular (including catch-up) contribution for the next year. If you timely file your federal income tax return, you may still remove your excess contribution, plus attributable earnings, as late as October 15 for calendar year filers.
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Removal of Excess Contributions. You may withdraw all or a portion of your excess contribution and attributable earnings before your federal income tax return due date, including extensions, for the taxable year for which you made the contribution. The excess contribution amount distributed will not be taxable, but the attributable earnings on the contribution will be taxable in the year in which you made the contribution and may be subject to the 10 percent
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Removal of Excess Contributions. You may withdraw all or a the split-interest entity by the custodian.
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Removal of Excess Contributions. You may withdraw all or a December 31 of each such year. An RMD is taxable in the calendar portion of your excess contribution and attributable earnings by your year you receive it.
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Removal of Excess Contributions. You may withdraw all or a portion of your excess contribution and attributable earnings by your federal income tax return due date, including extensions, for the taxable year for which you made the contribution. The excess contribution amount distributed will not be taxable, but the attributable earnings on the contribution will be taxable in the year in which you made the contribution and may be subject to the 10 percent early-distribution penalty tax. In certain situations, you may treat your excess as a regular (including catch-up) IRA contribution for the next year. If you timely file your federal income tax return, you may still remove your excess contribution, plus attributable earnings, as late as October 15 for calendar year filers.
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Removal of Excess Contributions. You may withdraw all or a the split-interest entity by the custodian. portion of your excess contribution and attributable earnings by your Consult with your tax or legal professional regarding tax-free federal income tax return due date, including extensions, for the charitable distributions. taxable year for which you made the contribution. The excess RMDs For You. contribution amount distributed will not be taxable, but the 1. After Age 73. Your first RMD must be taken by April 1 following attributable earnings on the contribution will be taxable in the year the year you attain age 73, which is your required beginning date in which you made the contribution. In certain situations, you may (RBD). Second year and subsequent distributions must be taken by treat your excess as a regular (including catch-up) IRA contribution December 31 of each such year. An RMD is taxable in the calendar for the next year. If you timely file your federal income tax return, year you receive it. you may still remove your excess contribution, plus attributable 2. Distribution Calculations. Your RMD will generally be calculated earnings, as late as October 15 for calendar year filers. by dividing your previous year-end adjusted balance in your IRA by
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Removal of Excess Contributions. You may withdraw all or a qualified or nonqualified. Qualified distributions rolled over from portion of your excess contribution and attributable earnings by your designated Xxxx accounts are considered regular contributions federal income tax return due date, including extensions, for the for the Xxxx XXX "nonqualified distribution" ordering rules. The taxable year for which you made the contribution. The excess earnings portion of nonqualified distributions rolled over from contribution amount distributed will not be taxable, but the attributable designated Xxxx accounts is considered earnings for the Xxxx earnings on the contribution will be taxable in the year in which you IRA ordering rules while the remainder is considered a regular made the contribution. In certain situations, you may treat your excess contribution. as a regular (including catch-up) contribution for the next year. If you
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Related to Removal of Excess Contributions

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax under Section 4973 of the Internal Revenue Code for that year by withdrawing the excess contribution and its earnings on or before the due date, including extensions, of the tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may be subject to a 10% early distribution penalty tax if you are under age 59½. In addition, in certain cases an excess contribution may be withdrawn after the time for filing your tax return. Finally, excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years.

  • When Can I Make Contributions You may make annual contributions to your Xxxx XXX any time up to and including the due date for filing your tax return for the year, not including extensions. You may continue to make regular contributions to your Xxxx XXX even after you attain RMD age. In addition, rollover contributions and transfers (to the extent permitted as discussed below) may be made at any time, regardless of your age.

  • Employee Contributions Any member of the bargaining unit who is hired on or after September 1, 2010 is eligible to make a voluntary contribution to the City=s Deferred Compensation Plan offered by Ameritas.

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