(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.
(2) Provisions
The provisions referred to in this paragraph are—
(A) subsections (i) and (
(B) (relating to Archer MSAs),
(C) (relating to health savings accounts),
(D) (relating to qualified tuition programs),
(E) (relating to qualified ABLE programs), and
(F) (relating to Coverdell education savings accounts).
(1) Overstatement of designated nondeductible contributions
Any individual who—
(A) is required to furnish information under section 408(
(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.
(2) Failure to file form
Any individual who fails to file a form required to be filed by the Secretary under section 408(
(1) Employer penalties
An employer who fails to provide 1 or more notices required by section 408(
(2) Trustee and issuer penalties
A trustee or issuer who fails—
(A) to provide 1 or more statements required by the last sentence of shall pay a penalty of $50 for each day on which such failures continue, or
(B) to provide 1 or more summary descriptions required by section 408(
(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.
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.