Common use of What if I Make an Excess Contribution Clause in Contracts

What if I Make an Excess Contribution. Contributions that exceed the allowable maximum for federal income tax purposes are treated as excess contributions. A nondeductible penalty tax of 6% of the excess amount contributed will be added to your income tax for each year in which the excess contribution remains in your account.

What if I Make an Excess Contribution. Contributions that exceed the allowable maximum for federal income tax purposes are treated as “excess contributions. .” A nondeductible non-deductible penalty tax of 6% of the excess amount contributed will be added to your income tax for each year in which the excess contribution remains in your account.

What if I Make an Excess Contribution. Contributions that exceed the allowable maximum for federal income tax purposes are treated as excess contributions. A nondeductible penalty tax of 6% of the excess amount contributed will must be added to your income tax paid for each year in which the excess contribution remains in your the beneficiary’s account.

What if I Make an Excess Contribution. Contributions that exceed the allowable maximum for federal income tax purposes are treated as “excess contributions”. A nondeductible penalty tax of 6% of the excess amount contributed will be added to your income tax for each year in which the excess contribution remains in your account.