Tax on excess contributions to tax-favored accounts

What this document is

26 U.S.C. s. 4973: Tax on excess contributions to tax-favored accounts is a state statute published by U.S. Government Publishing Office (govinfo.gov). It is one of the documents that insurance license exam questions are written from, including life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 26 U.S.C. § 4973(a) (Tax imposed)

  “there is imposed for each taxable year a tax in an amount equal to 6 percent of the amount of the excess contributions to such individual's accounts or annuities (determined as of the close of the taxable year).”

• 26 U.S.C. § 4973(f) (Excess contributions to Roth IRAs)

  “(f) Excess contributions to Roth IRAs For purposes of this section, in the case of contributions to a Roth IRA (within the meaning of section 408A(b)), the term "excess contributions" means the sum of -”

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