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Free tax preperation 7. Free tax preperation   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. Free tax preperation Excess contributions can result in income tax, additional taxes, and penalties. Free tax preperation The effect of excess contributions depends on the type of excess contribution. Free tax preperation This chapter discusses excess contributions to your 403(b) account. Free tax preperation 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. Free tax preperation If the actual contributions to your account are greater than your MAC, you have excess contributions. Free tax preperation 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. Free tax preperation What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. Free tax preperation The effect of an excess 403(b) contribution will depend on the type of excess contribution. Free tax preperation Types of excess contributions. Free tax preperation   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. Free tax preperation Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. Free tax preperation Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. Free tax preperation To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). Free tax preperation In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. Free tax preperation 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. Free tax preperation The excise tax does not apply to funds in an annuity account or to excess deferrals. Free tax preperation You must pay the excise tax each year in which there are excess contributions in your account. Free tax preperation Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. Free tax preperation See chapter 8 for a discussion on permissible distributions. Free tax preperation You cannot deduct the excise tax. Free tax preperation Reporting requirement. Free tax preperation   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. Free tax preperation Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. Free tax preperation To determine your limit on elective deferrals, see chapter 4. Free tax preperation Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. Free tax preperation 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. Free tax preperation 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. Free tax preperation A plan is not required to permit distribution of excess deferrals. Free tax preperation Correction of excess deferrals during year. Free tax preperation   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. Free tax preperation 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. Free tax preperation The correcting distribution is made after the date on which the excess deferral was made. Free tax preperation Correction of excess deferrals after the year. Free tax preperation   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. Free tax preperation 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. Free tax preperation Tax treatment of excess deferrals not attributable to Roth contributions. Free tax preperation   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. Free tax preperation Tax treatment of excess deferrals attributable to Roth contributions. Free tax preperation   For these rules, see Regulations section 1. Free tax preperation 402(g)-1(e). Free tax preperation Prev  Up  Next   Home   More Online Publications
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Free tax preperation Publication 80 - Additional Material Prev  Up  Next   Home   More Online Publications