NOT FOR REPRINT
Tax Court Rules on New Secure 2.0 Limits for IRA-Related Penalties
News March 06, 2024 at 04:17 PM
Share & Print
What You Need To Know
- Secure 2.0 established a six-year statute of limitations on the 6% excess IRA contribution penalty and a three-year SOL on penalties for missed RMDs.
- A petitioner appealed an $8.4 million penalty he had racked up over 11 years after a rollover he made was determined to be ineligible.
- The tax court found that the new SOLs were not retroactive, leaving the petitioner on the hook for the full amount.
NOT FOR REPRINT
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Immediate Answers to Critical Tax Questions At Your Fingertips
Keep up with the latest tax rules and regulations with weekly, exclusive updates by our Tax Facts experts.
Get More InformationRecently Added Q&As
Recently Updated Q&As
What is the temporary "senior deduction" deduction for taxpayers age 65 and over?
Get Answer
Recently Updated Q&As
What is the temporary deduction for auto loan interest?
Get Answer
Recently Updated Q&As
What is the temporary deduction for overtime income?
Get Answer
Recently Updated Q&As
What is the temporary deduction for tip income?
Get Answer
Recently Updated Q&As
What is a high deductible health plan for purposes of an HSA?
Get Answer
Recently Updated Q&As
What are the FinCEN beneficial ownership information reporting requirements that were set to apply to LLCs and other small business entities starting in 2024?
Get Answer
Recently Updated Q&As
What requirements must be satisfied for an investment advice fiduciary to qualify under the DOL's fiduciary PTE 2020-02?
Get Answer
Recently Updated Q&As
What are the contribution limits on an HSA?
Get Answer