The amount by which an IRA contribution exceeds the allowable limits, on which the IRS applies a penalty.
In qualified retirement plans, that a contribution to an IRA that exceeds the deductible limits or that is made by or for the benefit of an ineligible IRA participant, subject to a penalty tax. Under a qualified Keogh plan, contributions made by an employer in excess of the contribution formula limit in the plan for self-employed individuals and/or common-law employees. Subject to an annual excise tax against the employer.
The amount by which an IRA contribution exceeds the allowable limits. If an excess contribution is not properly corrected, a 6% IRS penalty applies.
a contribution permitted by the new federal rules but not permitted by state law
The excess of the elective contributions (including qualified non-elective and matching contributions that are treated as elective contributions) made to a 401(k) plan on behalf of HCE’s for the plan year over the maximum amount of such contributions permitted under the ADP test for such plan year.
The amount of an IRA contribution that exceeds the annual contribution limit for the year. A 6% excise (penalty) tax applies on the excess contribution each year until corrected.
The excess of the elective contributions made to a 401(k) plan on behalf of highly compensated employees (HCEs) for the plan year in excess of the maximum allowed under the ADP test.
The amount of an IRA contribution exceeding the allowable limits is an excess contribution. If an excess contribution is not properly corrected, a 6% IRS penalty applies until corrected.
The amount of an individual retirement account (IRA) contribution above the allowable limits. If not corrected, a 6% Internal Revenue Service penalty applies.