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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.
1986—Pub. L. 99–514, § 1121(a)(1), amended section generally, substituting provisions imposing an excise tax on certain accumulations in qualified retirement plans for provisions imposing an excise tax on certain accumulations in individual retirement accounts and annuities.
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.
19 sie 2024 · Voluntary Correction Program (VCP) – Unlike under SCP, you may request a waiver of the IRC Section 4974 excise tax for RMD failures using VCP. Learn more by reviewing Tips for VCP Submissions for Required Minimum Distributions .
In most cases, eligible contributions will be listed on the taxpayer’s Form W-2, Box 12 and preceded by one of the following codes: D, E, F, G, H, S, AA, or BB. These are the codes most frequently seen. For a complete list of Box 12 codes, refer to the Form W-2 Instructions.
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.
A. The Applicant requests relief with regard to excise taxes under IRC Section 4974. Yes No. At least one affected participant is either an owner-employee (see IRC Section 401(c)(3)) or, if the plan sponsor is a corporation, a 10 percent owner of such corporation.
