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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.
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.
Free access to full-text of the Internal Revenue Code, including Editor’s Notes and updated continuously, from Bloomberg Tax. Links to related code sections make it easy to navigate within the IRC.
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.
(c) Qualified retirement plan For purposes of this section, the term “qualified retirement plan” means— (1) a plan described in section 401(a) which includes a trust exempt from tax under section 501(a),
§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
