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10 sie 2024 · Section 4974(e) (as added to the Code by section 302(b) of the SECURE 2.0 Act) provides that in the case of a taxpayer who, by the last day of the correction window: (1) receives a distribution from the qualified retirement plan or eligible deferred compensation plan of the amount by which the required minimum distribution exceeds the actual ...
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.
(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.
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.
i.r.c. § 4974(e)(2)(c) — the last day of the second taxable year that begins after the end of the taxable year in which the tax under subsection (a) is imposed.
Excise tax on certain accumulations in qualified retirement plans. Current as of January 01, 2024 | Updated by FindLaw Staff. (a) General rule.
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);
