Search results
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.
In the case of a taxpayer who— I.R.C. § 4974 (e) (1) (A) — receives a distribution, during the correction window, of the amount which resulted in imposition of a tax under subsection (a) from the same plan to which such tax relates, and. I.R.C. § 4974 (e) (1) (B) —
(c) Qualified retirement plan For purposes of this section, the term “qualified retirement plan” means— (1) a plan described in section 401(a) which includes a trust exempt from tax under section 501(a),
29 paź 2014 · To obtain a waiver of the Code Sec. 4974 50% excise tax, the taxpayer files Form 5329, pays the tax, and attaches a letter of explanation. If the waiver request is granted, the IRS sends a refund. Instructions to Form 5329 , (2000) , p. 4 .
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-
• Voluntary employee contributions to a qualified retirement plan as defined in section 4974(c) (including the federal Thrift Savings Plan), or. • Contributions to a 501(c)(18)(D) plan.
The Applicant requests relief with regard to excise taxes under IRC Section 4974
