§ 4979. Tax on certain excess contributions
(a)
General rule
In the case of any plan, there is hereby imposed a tax for the taxable year equal to 10 percent of the sum of—
(d)
Excess aggregate contribution
For purposes of this section, the term “excess aggregate contribution” has the meaning given to such term by section
401
(m)(6)(B). For purposes of determining excess aggregate contributions under an annuity contract described in section
403
(b), such contract shall be treated as a plan described in subsection (e)(1).
(e)
Plan
For purposes of this section, the term “plan” means—
(1)
a plan described in section
401
(a) which includes a trust exempt from tax under section
501
(a),
(4)
a simplified employee pension of an employer which satisfies the requirements of section
408
(k), and
Such term includes any plan which, at any time, has been determined by the Secretary to be such a plan.
(f)
No tax where excess distributed within specified period after close of year
(1)
In general
No tax shall be imposed under this section on any excess contribution or excess aggregate contribution, as the case may be, to the extent such contribution (together with any income allocable thereto through the end of the plan year for which the contribution was made) is distributed (or, if forfeitable, is forfeited) before the close of the first 21/2 months (6 months in the case of an excess contribution or excess aggregate contribution to an eligible automatic contribution arrangement (as defined in section
414
(w)(3))) of the following plan year.