26 U.S.C. § 6693
§ 6693. Failure to provide reports on certain tax-favored accounts or annuities; penalties relating to designated nondeductible contributions
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Changed by the 2025 tax lawAdded in 1974 by the Public Law 93-406. Last changed July 4, 2025 by the One Big Beautiful Bill Act (2025).
Every change, newest first (15)
- July 4, 2025One Big Beautiful Bill Act (2025)
- December 19, 2014Tax Increase Prevention Act of 2014
- December 8, 2003Public Law 108-173
- July 26, 2001Public Law 107-22
- June 7, 2001Economic Growth and Tax Relief Reconciliation Act of 2001
- December 21, 2000Public Law 106-554
- October 21, 1998Public Law 105-277
- August 5, 1997Taxpayer Relief Act of 1997
- August 21, 1996Public Law 104-191
- August 20, 1996Small Business Job Protection Act of 1996
- November 10, 1988Technical and Miscellaneous Revenue Act of 1988
- October 22, 1986Tax Reform Act of 1986
- July 18, 1984Deficit Reduction Act of 1984
- April 1, 1980Public Law 96-222
- September 2, 1974Public Law 93-406 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
Structure
If a person required to file a report under a provision referred to in paragraph (2) fails to file such report at the time and in the manner required by such provision, such person shall pay a penalty of $50 for each failure unless it is shown that such failure is due to reasonable cause.
The provisions referred to in this paragraph are—
subsections (i) and (l) of section 408 (relating to individual retirement plans),
section 220(h) (relating to Archer MSAs),
section 223(h) (relating to health savings accounts),
section 529(d) (relating to qualified tuition programs),
section 529A(d) (relating to qualified ABLE programs),
section 530(h) (relating to Coverdell education savings accounts), and
section 530A(i) (relating to Trump accounts).
This subsection shall not apply to any report which is an information return described in section 6724(d)(1)(C)(i) or a payee statement described in section 6724(d)(2)(X).
Any individual who—
is required to furnish information under section 408(o)(4) as to the amount of designated nondeductible contributions made for any taxable year, and
overstates the amount of such contributions made for such taxable year,
shall pay a penalty of $100 for each such overstatement unless it is shown that such overstatement is due to reasonable cause.
Any individual who fails to file a form required to be filed by the Secretary under section 408(o)(4) shall pay a penalty of $50 for each such failure unless it is shown that such failure is due to reasonable cause.
An employer who fails to provide 1 or more notices required by section 408(l)(2)(C) shall pay a penalty of $50 for each day on which such failures continue.
A trustee or issuer who fails—
to provide 1 or more statements required by the last sentence of section 408(i) shall pay a penalty of $50 for each day on which such failures continue, or
to provide 1 or more summary descriptions required by section 408(l)(2)(B) shall pay a penalty of $50 for each day on which such failures continue.
No penalty shall be imposed under this subsection with respect to any failure which the taxpayer shows was due to reasonable cause.
Subchapter B of chapter 63 (relating to deficiency procedures for income, estate, gift, and certain excise taxes) does not apply to the assessment or collection of any penalty imposed by this section.