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IRA Annual Reporting Requirements to the IRS Webinar


“It’s all about the reporting!” – I say about 1000 times a year. Why do we have to do it this way instead of an easier way? Because it’s all about the reporting. Whether setting up a new IRA or handling transactions on existing IRAs, it is so important that you check the correct box and ‘use the correct transaction code description so that the IRS reporting matches what the client is indicating on their taxes. It’s not okay just knowing your job on the front end without knowing the results of your actions on the back end – most specifically the IRS reporting. This webinar will review the most common reporting mistakes made by financial institutions on both Traditional and Roth IRAs.

What You’ll Learn

  • What is the difference between ‘prior year’ and ‘current year’ contribution reporting?
  • What happens when Traditional IRA distribution codes are used for Roth distributions?
  • How do we report excess contribution withdrawals and how does it affect prior year reporting?
  • What happens if the client insists we correct reporting that is already ‘correct’?
  • What is the difference between a postponed contribution and a repayment?
  • What are the best ways to avoid reporting mistakes?
  • How do we correct a 1099-R or 5498 from previous years?
  • Should we ever offer to pay a client’s taxes and penalties because of a reporting error?

Who Should Attend
All employees who are responsible for opening and maintaining IRAs, checking IRA contribution and distribution reports before they go out to the clients and the IRS, and those who actually have to do the corrections on IRS reporting.