The untaxed plan cap amount for 2014 — 15 is $ 1.355 million, meaning that Tom's
rollover amount exceeds the cap by $ 145,000.
Not exact matches
If you have a
rollover super benefit consisting wholly or partly of an untaxed element that
exceeds the untaxed plan cap
amount, the paying fund will withhold the tax payable on the excess
amount.
If the untaxed element
exceeds the untaxed plan cap, the originating fund should withhold tax — at the top marginal rate plus Medicare levy — from the
amount over the cap before releasing the
rollover to your fund.
Since 2002, employer plans have been permitted to accept
rollovers from traditional IRAs, provided that the
amount rolled over doesn't
exceed the
amount that would be taxable if you withdrew all the money from the IRA.