Sample 5330 for late contributions Form 2022-2025

Sample 5330 for late contributions Form: What You Should Know

Tax penalty. Earnings over 15,000 for 2025 through 2018, and over (but not over) 500,000 for 2025 or thereafter, paid to a custodial account for which the person was the custodian. Excess contributions to a section under section 4965 or a 403(b)(7)(A) custodial account (section. 4965) are not subject to the penalty for early withdrawal. If the amount in excess of the 500,000 thresholds is more than (1) 90% of the employee's adjusted compensation in excess of 45,000; (2) 90% of the eligible compensation (including an amount included in the employee's gross income with respect to the contribution) of the employee, but less than (3) 75,000; or (4) 10% of what is subject to the 401(k) tax exclusion; (5) 15% of taxable compensation of at least 120,000 that is includible in a plan (even though not the employee's accrued compensation) under section 401(k), 403(b), or 457, or (6) at least 15% of the amount the employee would become eligible to exclude under section 401(k) (but, in either case, not less than 100,000 of the excluded compensation), but (a) the employee's compensation in excess of 150,000 in the service period ending the date the deferred compensation was includible in the employee's taxable compensation and the plan was established before the employee's employment was terminated, and (b) the person making the contribution did not have the authority and responsibility (under section 602(d)(1)(L) or 602(d)(1)(M)) in carrying on an investment vehicle (such as a 403(b)(7)(A) or 403(b)(7)(B) custodial account) under which the contribution is made. Allocations with respect to a section 4975 rollover transaction, where an election under section 4975(c) was made. A rollover contribution transaction that results in a qualified plan election under section 6053. Allocation with respect to a 403(b) rollover transaction for amounts paid in and received from a previous 403(b) plan that are allocated to the current plan under section 6402. Incomplete section 4975 plan.

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