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I am trying to figure out whether the 4979 excise tax on excess contributions applies only for one year or whether it applies for each subsequent year until the ADP failure is corrected. I have looked at the statute and the regulations, but they don't make this clear. While there is lots of commentary out there about the 6% excise tax on IRA excess contributions applying every year until correction, I can't find anything suggesting that this would be the case for the 4979 excise tax. I'm beginning to think that means the 4979 excise tax applies only for one year. Does anyone have any thoughts on that or know where there may be more guidance on this? Thanks in advance!
