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The Earned Income Tax Credit Calculator

Earned income tax credit calculator 7. Earned income tax credit calculator   Excess Contributions Table of Contents How Do I Know If I Have Excess Contributions? What Happens If I Have Excess Contributions?Excess Annual Addition Excess Elective Deferral If your actual contributions are greater than your MAC, you have an excess contribution. Earned income tax credit calculator Excess contributions can result in income tax, additional taxes, and penalties. Earned income tax credit calculator The effect of excess contributions depends on the type of excess contribution. Earned income tax credit calculator This chapter discusses excess contributions to your 403(b) account. Earned income tax credit calculator How Do I Know If I Have Excess Contributions? At the end of the year or the beginning of the next year, you should refigure your MAC based on your actual compensation and actual contributions made to your account. Earned income tax credit calculator If the actual contributions to your account are greater than your MAC, you have excess contributions. Earned income tax credit calculator If, at any time during the year, your employment status or your compensation changes, you should refigure your MAC using a revised estimate of compensation to prevent excess contributions. Earned income tax credit calculator What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. Earned income tax credit calculator The effect of an excess 403(b) contribution will depend on the type of excess contribution. Earned income tax credit calculator Types of excess contributions. Earned income tax credit calculator   If, after checking your actual contributions, you determine that you have an excess, the first thing is to identify the type of excess that you have. Earned income tax credit calculator Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. Earned income tax credit calculator Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. Earned income tax credit calculator To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). Earned income tax credit calculator In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. Earned income tax credit calculator Excise Tax If your 403(b) account invests in mutual funds, and you exceed your limit on annual additions, you may be subject to a 6% excise tax on the excess contribution. Earned income tax credit calculator The excise tax does not apply to funds in an annuity account or to excess deferrals. Earned income tax credit calculator You must pay the excise tax each year in which there are excess contributions in your account. Earned income tax credit calculator Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. Earned income tax credit calculator See chapter 8 for a discussion on permissible distributions. Earned income tax credit calculator You cannot deduct the excise tax. Earned income tax credit calculator Reporting requirement. Earned income tax credit calculator   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. Earned income tax credit calculator Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. Earned income tax credit calculator To determine your limit on elective deferrals, see chapter 4. Earned income tax credit calculator Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. Earned income tax credit calculator If so, it may require that in order to get a distribution of excess deferrals, you either notify the plan of the amount of excess deferrals or designate a distribution as an excess deferral. Earned income tax credit calculator The plan may require that the notification or designation be in writing and may require that you certify or otherwise establish that the designated amount is an excess deferral. Earned income tax credit calculator A plan is not required to permit distribution of excess deferrals. Earned income tax credit calculator Correction of excess deferrals during year. Earned income tax credit calculator   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. Earned income tax credit calculator The plan and either you or your employer designate the distribution as an excess deferral to the extent you have excess deferrals for the year. Earned income tax credit calculator The correcting distribution is made after the date on which the excess deferral was made. Earned income tax credit calculator Correction of excess deferrals after the year. Earned income tax credit calculator   If you have excess deferrals for a year, you may receive a correcting distribution of the excess deferral no later than April 15 of the following year. Earned income tax credit calculator The plan can distribute the excess deferral (and any income allocable to the excess) no later than April 15 of the year following the year the excess deferral was made. Earned income tax credit calculator Tax treatment of excess deferrals not attributable to Roth contributions. Earned income tax credit calculator   If the excess deferral is distributed by April 15, it is included in your income in the year contributed and the earnings on the excess deferral will be taxed in the year distributed. Earned income tax credit calculator Tax treatment of excess deferrals attributable to Roth contributions. Earned income tax credit calculator   For these rules, see Regulations section 1. Earned income tax credit calculator 402(g)-1(e). Earned income tax credit calculator Prev  Up  Next   Home   More Online Publications