What if I Make a Contribution for Which I Am Ineligible or Change My Mind About the Type of IRA to Which I Wish to Contribute?
How Much May I Contribute to a ▇▇▇▇ ▇▇▇ As a result of the Economic Growth and Tax Relief Reconciliation Act (“EGTRRA”) of 2001, the maximum dollar amount of annual contributions you may make to a ▇▇▇▇ ▇▇▇ is $5,500 for tax years beginning in 2013 with the potential for Cost-of-Living Adjustment (COLA) increases in $500 increments. However, these amounts are phased out or eliminated entirely if your adjusted gross income is over a certain level, as explained in more detail below. Year 2020 2021 ▇▇▇▇ ▇▇▇ Contribution Limit $6,000 $6,000 You may make annual contributions to a ▇▇▇▇ ▇▇▇ in any amount up to 100% of your compensation for the year or the maximum contribution limits shown in the table above, whichever is less. The limitation is reduced by any contributions made by you or on your behalf to any other individual retirement plan (such as a Traditional IRA) except SEP IRAs and SIMPLE IRAs. Your annual contribution limitation is not reduced by contributions you make to a ▇▇▇▇▇▇▇▇▇ Education Savings Account that covers someone other than yourself. In addition, qualifying rollover contributions and transfers are not subject to these limitations. If you are age 50 or older by the end of the year, you may make additional “catch-up” contributions to a ▇▇▇▇ ▇▇▇. The “catch-up” contribution limit is $1,000 for tax years 2009 and beyond. If you are married and file a joint return, you may make contributions to your spouse’s ▇▇▇▇ ▇▇▇. However, the maximum amount contributed to both your own and to your spouse’s ▇▇▇▇ ▇▇▇ may not exceed 100% of your combined compensation or the maximum contribution shown in the table above, whichever is less. The maximum amount that may be contributed to either your ▇▇▇▇ ▇▇▇ or your spouse’s ▇▇▇▇ ▇▇▇ is shown in the table above. Again, these dollar limits are reduced by any contributions made by or on behalf of you or your spouse to any other individual retirement plan (such as a Traditional IRA) except SEP IRAs and SIMPLE IRAs. Again, the limit is not reduced for contributions either of you make to a ▇▇▇▇▇▇▇▇▇ Education Savings Account for someone other than yourselves. As noted in Item 1, your eligibility to contribute to a ▇▇▇▇ ▇▇▇ depends on your AGI (as defined below). The amount that you may contribute to a ▇▇▇▇ ▇▇▇ is reduced proportionately for AGI which exceeds the applicable dollar amount. For the 2020 and 2021 tax years, the amount that you may contribute to your ▇▇▇▇ ▇▇▇ is as follows: Single Individual Year Eligible to Make a Contribution if AGI is Less Than: Eligible to Make a Partial Contribution if AGI is Between: Not Eligible to Make A Contribution if AGI is Over: 2020 $124,000 $124,000 - $139,000 $139,000 2021 & After - sub- ject to COLA increases $125,000 $125,000 - $140,000 $140,000 Married Individual Filing a Joint Income Tax Return Year Eligible to Make a Contribution if AGI is Less Than: Eligible to Make a Partial Contribution if AGI is Between: Not Eligible to Make A Contribution if AGI is Over: 2020 $196,000 $196,000 - $206,000 $206,000 2021 & After - sub- ject to COLA increases $198,000 $198,000 - $208,000 $208,000 If you are a married taxpayer filing separately, your contribution phases out over the first $10,000 of AGI, so that if your AGI is $10,000 or more you may not contribute to a ▇▇▇▇ ▇▇▇ for the year. Note that the amount you may contribute to a ▇▇▇▇ ▇▇▇ is not affected by your participation in an employer-sponsored retirement plan. To determine the amount you may contribute to a ▇▇▇▇ ▇▇▇ (assuming it does not exceed 100% of your compensation), you can refer to IRS Publication 590-A: Modified Adjusted Gross Income for ▇▇▇▇ ▇▇▇ Purposes and Determining Your Reduced ▇▇▇▇ ▇▇▇ Contribution Limit. The amount you contribute may not exceed the maximum contribution limits shown in the table above reduced by the amount contributed on your behalf to all other individual retirement accounts (except SEP IRAs and SIMPLE IRAs). Your contribution to a ▇▇▇▇ ▇▇▇ is not reduced by any amount you contribute to a ▇▇▇▇▇▇▇▇▇ Education Savings Account for the benefit of someone other than yourself. If you are the beneficiary of a ▇▇▇▇▇▇▇▇▇ Education Savings Account, additional limits may apply to you. Please contact your tax advisor for more information.
Voluntary Contributions Subrecipient must assure that voluntary contributions shall be allowed and may be solicited in accordance with the following requirements [OAA § 315(b)]: 1. The Subrecipient or any subcontractors for any Title III or Title VII-A services shall not use means tests. 2. Any Title III or Title VII-A client that does not contribute toward the cost of the services received shall not be denied services. 3. Methods used to solicit voluntary contributions for Title III and Title VII-A services shall be non-coercive. 4. Each service provider will: a) Provide each recipient with an opportunity to voluntarily contribute to the cost of the service. b) Clearly inform each recipient that there is no obligation to contribute and that the contribution is purely voluntary. c) Protect the privacy and confidentiality of each recipient with respect to the recipient’s contribution or lack of contribution; and d) Establish appropriate procedures to safeguard and account for all contributions. e) Use all collected contributions to expand the services for which the contributions were given and to supplement (not supplant) funds received under this program.
How Much May I Contribute to a ▇▇▇▇▇▇▇▇▇ Education Savings Account?
Voluntary Employee Contributions (a) Subject to the governing rules of the relevant superannuation fund, an Employee may, in writing, authorise their Employer to pay on behalf of the Employee a specified amount from the post- taxation wages of the Employee into the same superannuation fund as the Employer makes the superannuation contributions provided for in clause 24.2. (b) An Employee may adjust the amount the Employee has authorised their Employer to pay from the wages of the Employee from the first of the month following the giving of three months’ written notice to their Employer. (c) The Employer must pay the amount authorised under clauses 24.4(a) or 24.4(b) no later than 28 days after the end of the month in which the deduction authorised under clauses 24.4(a) or 24.4(b) was made.