Real ChatGPT answer · index seedq2DHXdxZ7DAcompleteEducation · financial aid and scholarshipsinformational
What penalties apply if an employee exceeds the annual Coverdell ESA contribution limits while participating in our company retirement plan?
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What penalties apply if an employee exceeds the annual Coverdell ESA contribution limits while participating in our company retirement plan?
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IRS Coverdell ESA excess contributions 6% excise tax correction deadline Publication 970 2025Google ↗
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IRS Coverdell ESA excess contributions 6% excise tax correction deadline Publication 970 2025 Google ↗
- Publication 970 (2025), Tax Benefits for Education · irs.gov
- 26 U.S.C. § 4973: Tax on excess contributions to certain tax-favored accounts and annuities · uscode.house.gov
- C. **Excess Contributions** – An excess contribution is any amount that is contributed to the Coverdell ESA that exceeds the eligible contribution limit. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed on the excess amount. The procedure for correcting the excess is determined by the timeliness of the correction as identified below. · thriventfunds.com