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overcontribution

 - 4 dictionary results

con⋅tri⋅bu⋅tion

  [kon-truh-byoo-shuhn]
Use overcontribution in a Sentence
–noun
1. the act of contributing.
2. something contributed.
3. an article, story, drawing, etc., furnished to a magazine or other publication.
4. an impost or levy.
5. Insurance. the method of distributing liability, in case of loss, among several insurers whose policies attach to the same risk.
Origin:
1350–1400; ME contribucio(u)n (< AF) < LL contribūtiōn- (s. of contribūtiō). See contribute, -ion

Related forms:
con⋅tri⋅bu⋅tion⋅al, adjective

Synonyms:
2. gift, donation, benefaction.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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Word Origin & History

contribution 
1387, from L. contributionem, from contribuere, from com- "together" + tribuere "to allot, pay" (see tribute). Used in Eng. in fig. sense of "crushed in spirit by a sense of sin."
Online Etymology Dictionary, © 2001 Douglas Harper
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Financial Dictionary

Overcontribution

Any contribution to a tax-deductible retirement savings plan exceeding the maximum allowed contribution for a given period as determined by the retirement plan's registrar. Overcontributions are subject to the retirement plan's regulations or laws. Overcontributions are usually subject to some form of monetary penalty, intentioned to reduce their occurrences.

Investopedia Commentary

In the United States, overcontributions to Roth IRAs are subject to penalty if they are beyond a prescribed annual maximum overcontribution. The Government of Canada's RRSP program is known for the penalties imposed on RRSP overcontributions.

Related Links

Registered Retirement Savings Plans

See also: Notice of Assessment - NOA, Registered Retirement Savings Plan - RRSP, Registered Retirement Savings Plan Contribution - RRSP Contribution, Roth IRA, Self-Directed RRSP

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Legal Dictionary

Main Entry: con·tri·bu·tion
Function: noun
1 : payment of a share of an amount for which one is liable: as a : shared payment of a judgment by joint tortfeasors esp. according to proportional fault —compare APPORTION a b : pro rata apportionment of loss among all the insurance policies covering the same person or property —compare INDEMNITY
2 : the money paid by one responsible for a share
3 : payment to a common fund (as by an employer or employee to an insurance plan or retirement fund)
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
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