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.



Excess contribution

Similar Matches

Additional voluntary contributions

Additional voluntary contributions

Additional payments to a tax deferred savings account or an occupational pension scheme by an employee to boost a pension at retirement.


Equity contribution agreement

Equity contribution agreement

An agreement to contribute equity to a project under certain specified conditions.


Defined contribution pension plan

Defined contribution pension plan

A pension plan in which benefits are dependent on contributions to and the growth of the pension fund.


Contribution margin

Contribution margin

The difference between variable revenue and variable cost.


Free standing additional voluntary contributions

Free standing additional voluntary contributions

An employee's pension scheme which is additional to but independent from his occupational pension scheme. The maximum amount which may currently be contributed to an employee's pension fund is 15% of salary (which includes benefits in kind) including his company scheme. For example if an employee is contributing 10% of his salary to a company scheme, a further 5% can be paid by that employee in each tax year into FSAVCs or AVCs. However, the employer and employee contributions when combined must not produce benefits in excess of Inland Revenue maximums.


Further Suggestions

voluntary deductible employee contribution plan
money purchase scheme (defined contributions scheme)
Federal Insurance Contributions Act
Deductible contribution
General Average Contribution
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simplified defined contribution scheme
Nondeductible contribution
National Insurance (NI) Contributions
Equal percentage contribution rule (EPCoR)
Defined contribution plan
Contribution
Contributions Agency


 
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