Search results
(1) the shortfall described in subsection (a) in the amount distributed during any taxable year was due to reasonable error, and. (2) reasonable steps are being taken to remedy the shortfall, the Secretary may waive the tax imposed by subsection (a) for the taxable year. (e) Reduction of tax in certain cases.
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.
I.R.C. § 4974(c)(5) — an individual retirement annuity described in section 408(b) . Such term includes any plan, contract, account, or annuity which, at any time, has been determined by the Secretary to be such a plan, contract, account, or annuity.
26 U.S.C. 4974 - Excise tax on certain accumulations in qualified retirement plans
(1) the shortfall described in subsection (a) in the amount distributed during any taxable year was due to reasonable error, and (2) reasonable steps are being taken to remedy the shortfall, the Secretary may waive the tax imposed by subsection (a) for the taxable year.
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.
Section 4974 - Excise tax on certain accumulations in qualified retirement plans
