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If a taxpayer contributes more than the statutory limit, the excess contribution is subject to an excise tax of 6% of the excess contribution for each year the amount remains in the IRA.
This amount is also not considered an excess contribution to the HSA and is therefore not subject to the Sec.
There are a few options that can be used, depending on the date that the excess contribution is discovered.
For instance, the rolled-over RMD often becomes an excess contribution, subject to a 6 percent penalty for each year it remains in the new account until it is corrected.
Driven primarily by public sector activities, backed essentially by domestic demand, characterised by an improved diversification of the economy, and reflected in the decline in the excess contribution of the petroleum sector to GDP growth vis-a-vis the non-petroleum sector, the overall growth process is expected to be sustainable moving forward," indicated the report.
Any excess contribution not allowed will be carried forward indefinitely until claimed as a deduction.
the permitted disparity) between the excess contribution percentage and the base contribution percentage depends on the earnings level (integration level) chosen.
Jayne must use all the excess contribution from 2004 before she can use up the contributions from 2005 or 2006.
For the record, a number of our new BHB fixtures this year means an actual increase in prize-money, with an excess contribution from Northern Racing and not the Levy Board.
The excess contribution is the amount of any contribution over the maximum annual limit.
UK engineering contractors are wasting millions of pounds on the excess contribution clause of their heavy liability insurance policy because too many are sluggish to report claims, warn insurance brokers.
In any year that excess contributions are made to a Coverdell Education Savings Account, a 6% excise tax is imposed on the excess contribution.