Definition of "Excess distributions from section 401(a), 403(a), 403(b) retirement plan or ira"
Mary O Connell, Real Estate Agent
O Connell Properties
Plan wherein total withdrawal or income payments from tax deferred savings plans exceed $150,000 in any one year. An excess distribution tax of 15% of the amount greater than $150,000 must be paid to the Internal Revenue Service.
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