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§54.4974–2 26 CFR Ch. I (4–1–15 Edition) Q–3. If a payee’s interest under a qualified retirement plan is in the form of an individual account, how is the re-quired minimum distribution for a given calendar year determined for purposes of section 4974? A–3. (a) General rule. If a payee’s in-terest under a qualified retirement
What Is A Qualified Retirement Plan As Defined by IRC Sec. 4974(c)? You may be able to take a credit (Retirement Savings Contribution Credit) of up to $1,000 (up to $2,000 if filing jointly) if you make eligible contributions to a qualified IRA, 401(k) and certain other retirement plans.
For purposes of this section, the term “minimum required distribution” means the minimum amount required to be distributed during a taxable year under section 401(a)(9), 403(b)(10), 408(a)(6), 408(b)(3), or 457(d)(2), as the case may be, as determined under regulations prescribed by the Secretary.
(1) the shortfall described in subsection (a) in the amount distributed during any taxable year was due to reasonable error, and. (2) reasonable steps are being taken to remedy the shortfall, the Secretary may waive the tax imposed by subsection (a) for the taxable year. (e) Reduction of tax in certain cases.
Section 4974(a) provides that if the amount distributed during a year to a payee under any qualified retirement plan (as defined in § 4974(c)) or any eligible deferred compensation plan (as defined in § 457(b)) is less than that year’s minimum required
Section 4974(c) provides, in part, that the term “qualified retirement plan” means (1) a plan described in § 401 (including a trust exempt from tax under § 501(a)), (2) an annuity plan described in § 403(a), (3) a tax-sheltered annuity arrangement described in § 403(b), (4) an individual retirement
Y 1.2/5: Contained Within. Title 26 - INTERNAL REVENUE CODE Subtitle D - Miscellaneous Excise Taxes ... Excise tax on certain accumulations in qualified retirement plans. Contains. section 4974. Date. 2009. Laws In Effect As Of Date. February 1, 2010. Positive Law. No. Disposition. standard. ... Public Law References. Public Law 93-406, Public ...
