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HF 5175

as introduced - 93rd Legislature (2023 - 2024) Posted on 04/02/2024 11:52am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

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1.15

A bill for an act
 relating to taxation; individual income; requiring retirement account administrators
to promptly correct an erroneous tax form; proposing coding for new law in
Minnesota Statutes, chapter 290.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [290.261] RETIREMENT ACCOUNT TRUSTEES REQUIRED TO
FURNISH CORRECTED FORMS.
 new text end

new text begin (a) A retirement plan administrator that issues an Internal Revenue Service Form 5498,
or any similar form documenting a retirement account contribution, that contains inaccurate
information about the contribution must:
 new text end

new text begin (1) promptly issue a corrected form to the individual who made the contribution; and
 new text end

new text begin (2) notify the Internal Revenue Service of the error and corrected form.
 new text end

new text begin (b) For the purposes of this section, "retirement plan administrator" means a Minnesota
trustee of an individual retirement account under section 408 of the Internal Revenue Code.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end