Federal Appendix C Part II Schedule 8 Failure to Pay Required Minimum Distributions Timely under § 401(a)(9)
Extracted from PDF file 2019-federal-form-14568-h.pdf, last modified June 2018
Appendix C Part II Schedule 8 Failure to Pay Required Minimum Distributions Timely under § 401(a)(9)Department of the Treasury - Internal Revenue Service Form 14568-H (June 2018) Model VCP Compliance Statement - Schedule 8: Failure to Pay Required Minimum Distributions Timely OMB Number 1545-1673 Include the plan name, Applicant’s EIN and plan number on each page of the submission. Plan name EIN Plan number Section I - Identification of Failure (DO NOT USE THIS FORM IF PLAN BENEFITS DID NOT COMMENCE IN A TIMELY MANNER, AT THE PLAN’S NORMAL RETIREMENT AGE OR UPON THE PARTICIPANT’S DEATH. IF YOU CANNOT USE THIS FORM, ATTACH A WRITTEN NARRATIVE TO FORM 14568 AND PROVIDE THE NECESSARY INFORMATION REQUESTED BY THAT FORM.) The plan identified above did not comply with the requirements of Section 401(a)(9) of the Internal Revenue Code (IRC) as required minimum distributions (RMD) were not paid in a timely manner or were less than what was required. When completing this table, affected plan participants should be counted separately under each year that an RMD was not made and not just in the first year of the failure. Calendar Years Number of Participants Affected Total Amount of Missed Required Minimum Distributions (Do Not Include Earnings) Section II - Description of the Proposed Method of Correction Defined contribution plan only - The plan will distribute the required minimum distributions (adjusted for earnings from the date of the failure to the date of distribution) to affected participants. For each affected participant, the required minimum distribution amount for each year in which the failure occurred will be determined by dividing the adjusted account balance on the applicable valuation date by the applicable distribution period. For this purpose, adjusted account balance means the actual account balance, determined in accordance with Section 1.401(a)(9)-5 Q&A-3 of the Income Tax Regulations, reduced by the amount of the total missed minimum distributions for prior years. Earnings will be determined as follows Defined benefit plan only - The plan will distribute the required minimum distributions plus an additional payment representing the loss of use of such amounts. (Note the additional payment is determined in accordance with the plan’s written terms for actuarial equivalence). The additional payment is determined as follows Catalog Number 66153Y www.irs.gov For Paperwork Reduction Act information see current EPCRS Revenue Procedure. Form 14568-H (Rev. 6-2018) Page 2 Plan name EIN Plan number Defined benefit plan only – At the time of the proposed correction is the plan subject to any restriction on lump sum payments under IRC Section 436(d)? Include a copy of the plan’s most current actuarial certification of the plan’s Adjusted Funded Target Attainment Percentage (AFTAP) if “No” is checked. Yes No If "Yes", the plan sponsor will contribute to the plan, at the time of correction, an amount equal to the corrective distribution mentioned in this compliance statement as discussed in the current EPCRS revenue procedure. Section III - Request for Relief A. The Applicant requests relief with regard to excise taxes under IRC Section 4974 Yes No At least one affected participant is either an owner-employee (see IRC Section 401(c)(3)) or, if the plan sponsor is a corporation, a 10 percent owner of such corporation. If “Yes,” the Applicant submits the following explanation for its request for relief from the Section 4974 excise tax Section IV - Change in Administrative Procedures Include an explanation of how and why the failures arose and a description of the measures that have been (or will be) implemented to ensure that the same failures will not recur. Section V - Enclosures In addition to the applicable items listed on the Procedural Requirements Checklist for Form 8950, the plan sponsor encloses the following with this submission: • Specific calculations for each affected employee or a representative sample of affected employees. • The sample calculations must be sufficient to demonstrate each aspect of the proposed correction method. • For defined benefit plans, the calculations must illustrate the interest rate used to represent the loss of the use of the missed required minimum distributions. • For defined contribution plans, the calculations must show how earnings were determined and their impact on the calculation of the corrective distributions. • For defined benefit plans, a copy of the plan’s most current AFTAP certification if the Applicant has indicated that the plan is not under IRC 436(d) restrictions. Catalog Number 66153Y www.irs.gov Form 14568-H (Rev. 6-2018)
Form 14568-H (Rev. 6-2018)
More about the Federal Form 14568-H Other
We last updated the Appendix C Part II Schedule 8 Failure to Pay Required Minimum Distributions Timely under § 401(a)(9) in February 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Federal Internal Revenue Service. You can print other Federal tax forms here.
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The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 14568-H from the Internal Revenue Service in February 2020.
Historical Past-Year Versions of Federal Form 14568-H
We have a total of five past-year versions of Form 14568-H in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
Form 14568-H (Rev. 6-2018)
Form 14568-H (Rev. 6-2018)
Form 14568-H (Rev. 9-2017)
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