§4973. Tax on excess contributions to certain tax-favored accounts and annuities — Inbound Citations
26 U.S.C. § 4973
Cited by 8 provisions in release 119-102.
Citations to 26 U.S.C. § 4973 as a whole
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(B) For purposes of paragraphs (4) and (5) and section 4973, any amount excludable or excluded from gross income under section 402(h) or 402(k) shall be treated as an amount allowable or allowed as a deduction under section 219.
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(1) section 4973, or
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(A) For purposes of any tax imposed by section 4973 or 4974 in connection with an individual retirement plan, the return referred to in this section shall include the income tax return filed by the person on whom the tax under such section is imposed for the year in which the act (or failure to act) giving rise to the liability for such tax occurred.
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(C) In any case in which the return with respect to a tax imposed by section 4973 is the individual’s income tax return for purposes of this section, subsection (a) shall be applied by substituting a 6-year period in lieu of the 3-year period otherwise referred to in such subsection.
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(D) In the case of any tax imposed by section 4973 that is attributable to acquiring property for less than fair market value, subparagraph (A) shall not apply.
Citations to §4973(a)
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(7) an arrangement described in section 4973(a), or
Citations to §4973(b)
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(5) For purposes of applying section 4973(b) to a Trump account for any taxable year beginning before the first day of the calendar year in which the account beneficiary attains age 18, the term “excess contributions” means the sum of—(A) the amount by which the amount contributed to the account for the calendar year in which taxable year begins exceeds the amount permitted to be contributed to the account under subsection (c)(2), and(B) the amount determined under this paragraph for the preceding taxable year.For purposes of this paragraph, the excess contributions for a taxable year are reduced by the distributions to which subsection (d)(5) applies that are made during the taxable year or by the date prescribed by law (including extensions of time) for filing the account beneficiary’s return for the taxable year.
Citations to §4973(b)(2)
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(ii) the amount of the excess contributions for such taxable year (determined under section 4973(b)(2) without regard to subparagraph (C) thereof).