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19 sie 2024 · Plan sponsors can use the Employee Plans Compliance Resolution System (Rev. Proc. 2021-30, as modified) to voluntarily correct the mistake of not making required minimum distributions (RMDs) under Internal Revenue Code Section 401 (a) (9) to affected participants and beneficiaries.
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 (d) (1) —. the shortfall described in subsection (a) in the amount distributed during any taxable year was due to reasonable error, and. I.R.C. § 4974 (d) (2) —. reasonable steps are being taken to remedy the shortfall, the Secretary may waive the tax imposed by subsection (a) for the taxable year.
Section 4974(a) provides that if the amount distributed during the taxable year of a payee under any qualified retirement plan (as defined in section 4974(c)) or any eligible deferred compensation plan (as defined in section 457(b)) is less than that taxable year’s minimum required distribution (as defined in section 4974(b)), then an
Subtitle D - Miscellaneous Excise Taxes CHAPTER 43 - QUALIFIED PENSION, ETC., PLANS Sec. 4974 - Excise tax on certain accumulations in qualified retirement plans
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.
