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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.
Free access to full-text of the Internal Revenue Code, including Editor’s Notes and updated continuously, from Bloomberg Tax. Links to related code sections make it easy to navigate within the IRC.
(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.
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 .
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.
• 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.
