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Amending Your Tax Return

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Amending Your Tax Return

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

Amending your tax return Publication 547 - Additional Material Prev  Up  Next   Home   More Online Publications