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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. Correcting Plan Errors – Fill-in VCP Submission Documents. FAQs regarding Required Minimum Distributions.
Section 4974(c) provides, in part, that the term “qualified retirement plan” means (1) a plan described in section 401 (including a trust exempt from tax under section 501(a)), (2) an annuity plan described in section 403(a), (3) a
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.
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.
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-
A–2. For purposes of section 4974, each of the following is a qualified re-tirement plan— (a) A plan described in section 401(a) which includes a trust exempt from tax under section 501(a); (b) An annuity plan described in sec-tion 403(a); (c) An annuity contract, custodial ac-count, or retirement income account described in section 403(b);
Excise tax on certain accumulations in qualified retirement plans. (a) General rule.
