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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.
If the amount distributed during the taxable year of the payee under any qualified retirement plan or any eligible deferred compensation plan (as defined in section 457(b)) is less than the minimum required distribution for such taxable year, there is hereby imposed a tax equal to 25 percent of the amount by which such minimum required ...
Current as of January 01, 2024 | Updated by FindLaw Staff. (a) General rule. --If the amount distributed during the taxable year of the payee under any qualified retirement plan or any eligible deferred compensation plan (as defined in section 457 (b)) is less than the minimum required distribution for such taxable year, there is hereby imposed ...
If the amount distributed to a payee under any qualified retirement plan or any eligible deferred compensation plan (as defined in section 457(b)) for a calendar year is less than the required minimum distribution for that year, section 4974 imposes an excise tax on the payee for the taxable year beginning with or within the calendar year ...
23 lis 2021 · Section 72(t)(1) of the Internal Revenue Code (IRC) imposes a 10% additional tax on the taxable portion of a distribution from a qualified retirement plan (as defined in IRC Section 4974(c)), unless the distribution qualifies for one of the exceptions listed in
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-. sheltered annuity arrangement described in § 403(b), (4) an individual retirement.
