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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.
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.
i.r.c. § 4974(e)(2)(c) — the last day of the second taxable year that begins after the end of the taxable year in which the tax under subsection (a) is imposed.
(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.
See Code Section 4974—excise tax on certain accumulations in qualified retirement plans. Find IRS publication info and the full-text Sec. 4974 on Tax Notes.
Excise tax on certain accumulations in qualified retirement plans. Current as of January 01, 2024 | Updated by FindLaw Staff. (a) General rule.
Title 26 - Internal Revenue Code. Subtitle D - Miscellaneous Excise Taxes (§§ 4001 - 5000C) Chapter 43 - QUALIFIED PENSION, ETC., PLANS (§§ 4971 - 4980I) Section 4974 - Excise tax on certain accumulations in qualified retirement plans.
