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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.
10 sie 2024 · Section 4974(d) provides that if the taxpayer establishes to the satisfaction of the Secretary that the failure to distribute the entire amount required in a taxable year was due to reasonable error and reasonable steps are being taken to remedy that shortfall, then the Secretary may waive the excise tax imposed in section 4974(a) for that ...
19 sie 2024 · The plan participant who should’ve received the RMD is liable for an excise tax under IRC Section 4974 equal to 50% of the amount of the RMD not received. Related. Correcting Plan Errors – Fill-in VCP Submission Documents; FAQs regarding Required Minimum Distributions
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.
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.
Internal Revenue Code § 4974. Excise tax on certain accumulations in qualified retirement plans. Current as of January 01, 2024 | Updated by FindLaw Staff. (a) General rule.
