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Excess contribution

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Excess contribution
The amount by which an IRA contribution exceeds the allowable limits. If an excess contribution is not properly corrected, a 6% IRS penalty applies.
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For a plan that uses corrective distributions of excess contributions to cure a failed ADP test, the regulations permit plans to allow highly compensated employees to elect whether excess contributions are attributable to designated Roth contributions or to pretax elective deferrals.
Current developments (Part II): this two-part article provides an ... by LaGarde, Stephen / The Tax Adviser
Excess contributions are carried over for five years.
Two new elections: charitable contributions and tax-free ... by Josephs, Stuart R. / California CPA
Contribution deficiencies or excess contributions of the employer--A contribution deficiency or excess contribution is the difference between the ARC for a given year and the employer's contributions (13) in relation to the ARC.
Official releases: GASB no. 45 ... ethics interpretation by Journal of Accountancy
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