Common Contracts

Contract

August 20th, 2014

• Filed
  August 20th, 2014

portion of the contract that includes the excess contributions account and the remainder are each treated as sepa- rate contracts. Thus, if an annuity con- tract that includes an excess contribu- tions account changes from forfeitable to nonforfeitable during a year, then the portion that is not attributable to the excess contributions account con- stitutes a section 403(b) contract (as- suming it otherwise satisfies the re- quirements to be a section 403(b) con- tract) and is not included in gross in- come, and the portion that is attrib- utable to the excess contributions ac- count is included in gross income in ac- cordance with section 403(c). See