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IRA Reporting to the IRS – Getting it Right! Webinar


Whether you are using debit and credit transaction tickets with a “tran code” or using a drop-down menu in the platform system, it’s easy to get confused about which ‘code’ or ‘description’ to use in order to process the transaction correctly. Many times your choices do not match the descriptions on the vendor forms. What you need to remember is that whatever box you check on your forms, and/or transaction description you use in your system will determine how it reports to the IRS.

One of the biggest sources of bills coming from the IRS to IRA customers is an incorrectly reported IRA transaction. During this informative 2-hour Webinar, we will discuss the correlation between the frontline transaction choices and how they affect IRS reporting. There will also be suggestions on preventing and correcting the errors before they are mailed to the customer or submitted to the IRS. And, most importantly, how do we correct the reporting after it is submitted to the IRS and the customer gets that dreaded letter and bill?

What You’ll Learn

  • The definition of a recipient on the 1099-R
  • How transfers are reported to the IRS
  • Getting more information on the definitions of IRS codes to be used on the 1099-R
  • When to start reporting beneficiary payments in the beneficiary name and TIN
  • How to correct a prior year contribution reported as a current year contribution on the 5498
  • Use of the 5498 as our previous year’s activity statement
  • The difference between a repayment and a postponed contribution
  • Which boxes are mandatory and which are optional on the 5498

Who Should Attend
Anyone employee on the frontline who is tasked with completing IRA forms – including CSRs and Tellers – should attend this Webinar. In addition, those on the back-office side in Operations and Auditing would also benefit in order to identify errors before the IRS reporting is submitted.