Changes to the Form 5498 Instructions for Participant, box 11, to reflect reduction in excise tax on certain accumulations in qualified retirement plans for tax years 2022 & 2023

In the Instructions for Participant, box 11 text is being updated to reflect percentage changes on certain accumulations in qualified retirement plans per Section 302 of SECURE 2.0 of 2022.

Instructions for Participant, box 11:

SECURE 2.0 has reduced the excise tax on the amount not distributed. For more information on this excise tax, see Pub. 590-B.