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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.
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.
For purposes of section 4974, each of the following is a qualified retirement plan— (1) A plan described in section 401 (a) that includes a trust exempt from tax under section 501 (a); (2) An annuity plan described in section 403 (a);
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.
Excise tax on certain accumulations in qualified retirement plans. Section Text. (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 ...
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.
