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19 sie 2024 · The plan participant who should’ve received the RMD is liable for an excise tax under IRC Section 4974 equal to 50% of the amount of the RMD not received. Correcting Plan Errors – Fill-in VCP Submission Documents. FAQs regarding Required Minimum Distributions.
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 this section, the term “minimum required distribution” means the minimum amount required to be distributed during a taxable year under section 401(a)(9), 403(b)(10), 408(a)(6), 408(b)(3), or 457(d)(2), as the case may be, as determined under regulations prescribed by the Secretary.
(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.
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.
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);
Excise tax on certain accumulations in qualified retirement plans. Current as of January 01, 2024 | Updated by FindLaw Staff. (a) General rule.
