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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.
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-
WHAT IS A QUALIFIED RETIREMENT PLAN? A–2. For purposes of section 4974, each of the following is a qualified re-tirement plan— (a) A plan described in section 401(a) which includes a trust exempt from tax under section 501(a); (b) An annuity plan described in sec-tion 403(a); (c) An annuity contract, custodial ac-count, or retirement income ...
Internal Revenue Code Section 4974. Excise tax on certain accumulations in qualified retirement plans. (a) General rule.
For purposes of this section, the term “qualified retirement plan” means— I.R.C. § 4974(c)(1) — a plan described in section 401(a) which includes a trust exempt from tax under section 501(a) ,
DEFINITION OF THE PROBLEM. Taxpayers rely on Individual Retirement Accounts (IRAs) or defined contribution plans, such as 401(k) plans, or Thrift Savings Plans (TSPs) for federal employees, to fund living and other expenses after retirement.
30 lip 2024 · Section 4974 - Excise tax on certain accumulations in qualified retirement plans. (a) General rule. If the amount distributed during the taxable year of the payee under any qualified retirement plan or any eligible deferred compensation plan (as defined in section 457 (b)) is less than the minimum required distribution for such taxable year ...
