# 26 U.S.C. § 6693: Failure to provide reports on certain tax-favored accounts or annuities; penalties relating to designated nondeductible contributions Source: OLRC release point 119-134 . Cite pinpoints as 26 U.S.C. § 6693(a)(1). ## § 6693(a) Reports **§ 6693(a)(1) In general.** 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. **§ 6693(a)(2) Provisions.** The provisions referred to in this paragraph are— **§ 6693(a)(2)(A)** subsections (i) and (l) of section 408 (relating to individual retirement plans), **§ 6693(a)(2)(B)** section 220(h) (relating to Archer MSAs), **§ 6693(a)(2)(C)** section 223(h) (relating to health savings accounts), **§ 6693(a)(2)(D)** section 529(d) (relating to qualified tuition programs), **§ 6693(a)(2)(E)** section 529A(d) (relating to qualified ABLE programs), **§ 6693(a)(2)(F)** section 530(h) (relating to Coverdell education savings accounts), and **§ 6693(a)(2)(G)** 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). ## § 6693(b) Penalties relating to nondeductible contributions **§ 6693(b)(1) Overstatement of designated nondeductible contributions.** Any individual who— **§ 6693(b)(1)(A)** is required to furnish information under section 408(o)(4) as to the amount of designated nondeductible contributions made for any taxable year, and **§ 6693(b)(1)(B)** 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. **§ 6693(b)(2) Failure to file form.** 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. ## § 6693(c) Penalties relating to simple retirement accounts **§ 6693(c)(1) Employer penalties.** 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. **§ 6693(c)(2) Trustee and issuer penalties.** A trustee or issuer who fails— **§ 6693(c)(2)(A)** 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 **§ 6693(c)(2)(B)** 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. **§ 6693(c)(3) Reasonable cause exception.** No penalty shall be imposed under this subsection with respect to any failure which the taxpayer shows was due to reasonable cause. ## § 6693(d) Deficiency procedures not to apply 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. ## Regulations - [Treas. Reg. § 301.6693-1](/26/reg/301.6693-1.md): Penalty for failure to provide reports and documents concerning individual retirement accounts or annuities. (interprets § 6693) ## Connections Cites: § 220 Archer MSAs; § 223 Health savings accounts; § 408 Individual retirement accounts; § 529 Qualified tuition programs; § 529A Qualified ABLE programs; § 530 Coverdell education savings accounts; § 530A Trump accounts; § 6724 Waiver; definitions and special rules Cited by: § 220 Archer MSAs; § 408 Individual retirement accounts ## Amendments - 1974-09-02: [Pub. L. 93-406](/26/act/93-406.md), 88 Stat. 967 - 1980-04-01: [Pub. L. 96-222](/26/act/96-222.md), 94 Stat. 203 - 1984-07-18: [Pub. L. 98-369](/26/act/98-369.md), 98 Stat. 687 - 1986-10-22: [Pub. L. 99-514](/26/act/99-514.md), 100 Stat. 2416 - 1988-11-10: [Pub. L. 100-647](/26/act/100-647.md), 102 Stat. 3456 - 1996-08-20: [Pub. L. 104-188](/26/act/104-188.md), 110 Stat. 1796 - 1996-08-21: [Pub. L. 104-191](/26/act/104-191.md), 110 Stat. 2052 - 1997-08-05: [Pub. L. 105-34](/26/act/105-34.md), 111 Stat. 812 - 1998-10-21: [Pub. L. 105-277](/26/act/105-277.md), 112 Stat. 2681 - 2000-12-21: [Pub. L. 106-554](/26/act/106-554.md), 114 Stat. 2763 - 2001-06-07: [Pub. L. 107-16](/26/act/107-16.md), 115 Stat. 60 - 2001-07-26: [Pub. L. 107-22](/26/act/107-22.md), 115 Stat. 197 - 2003-12-08: [Pub. L. 108-173](/26/act/108-173.md), 117 Stat. 2479 - 2014-12-19: [Pub. L. 113-295](/26/act/113-295.md), 128 Stat. 4062 - 2025-07-04: [Pub. L. 119-21](/26/act/119-21.md), 139 Stat. 185