Contributions

(a) Contributions by participants (1) In general Pursuant to the regulations established under paragraph (3) and subsection (e), a participant may make contributions to the participant’s account with the Fund in any pay period in an amount not to exceed the participant’s compensation for such period. (2) Other participant contributions (A) Catch-up contributions Notwithstanding the limitation under paragraph (1) or subsection (c), a participant may make such additional contributions to the participant’s account with the Fund as are permitted by section 414(v) of the Internal Revenue Code of 1986, and the regulations established under subsection (e) consistent therewith. (B) Contributions of tax refunds (i) In general Subject to the limits of subsection (c), a participant may elect, at such time and in such manner as the Secretary of the Treasury may prescribe, to contribute to the participant’s account any portion of such participant’s overpayment of tax which is to be refunded to such participant under section 6402 of the Internal Revenue Code of 1986. (ii) Special rules For purposes of clause (i)— (I) the amount of the overpayment which may be contributed under clause (i) shall be determined without regard to any overpayment attributable to the amount contributed to the account by the Secretary of the Treasury under section 25F of the Internal Revenue Code of 1986, and (II) any contribution described in clause (i) shall be treated as made for the taxable year of the overpayment and shall be taken into account in determining the amount of the credit under section 25F for such taxable year. (3) Contributions The Secretary of the Treasury and the Executive Director shall jointly prescribe regulations that establish a program of regular contribution under which participants may— (A) make contributions to their accounts with the Fund under paragraph (1); (B) modify the amount contributed under such paragraph; or (C) terminate such contributions. (4) Election An election to make contributions under this subsection— (A) may be made at any time; (B) shall take effect on the earliest date after the election that is administratively feasible; and (C) shall remain in effect until modified or terminated. Any such election shall be subject to the contribution limits under this section. (b) Contribution of Government Match Tax Credit A participant’s account shall receive contributions in the form of the Government Match Tax Credit contributed by the Secretary of the Treasury under section 25F of the Internal Revenue Code of 1986. (c) Contribution limits Notwithstanding any other provision of this section, no contribution may be made under this section for any year to the extent that such contribution, when added to prior contributions for such year, exceeds any limitation under section 219(b)(5) of the Internal Revenue Code of 1986. Any contribution made under section 25F of the Internal Revenue Code of 1986 shall not be taken into account for purposes of the preceding sentence. (d) Treatment as Roth contributions Contributions under subsection (a) shall not be excludable from gross income and no deduction shall be allowed with respect to such contributions under section 219 of the Internal Revenue Code of 1986. (e) Regulations The amounts contributed to the Fund by a participant under section 105(a) and on behalf of a participant by the Secretary of the Treasury under section 25F of the Internal Revenue Code of 1986 shall be deposited in the Fund and credited to the participant’s account with the Fund pursuant to regulations jointly prescribed by the Secretary of the Treasury and the Executive Director.