2020/2021 IRA Reporting Requirements - 101

After the crazy, rough water ride of 2020, we thought we may have some smooth sailing for 2021. Then came the record-breaking February winter storm in the US which basically crippled the south with single-digit temperatures and snow bringing on power outages and catastrophic home repairs. Some states were declared a federal disaster areas making them eligible for extended tax-filing benefits. During this 1.5 hour webinar we will include which states will have an IRA contribution extensions and how these will be reported to the IRS on the 5498 - in addition to the 2020 IRS reporting exceptions for contributions, distributions, rollovers and repayments. If you don’t want to spend many hours doing IRS corrections for your customers, you should plan on attending this informative webinar.

What You Will Learn

  • What should report in each box of the 1099-R and 5498?
  • What distribution codes do we use for Covid-Related Distributions (CRDs)?
  • How does the repayment of the the CRD report to the IRS?
  • How do we report RMDs taken in 2020 that were re-deposited back into the IRA?
  • Who is responsible for showing the IRS 10% penalty exception on pre-59.5 age qualified distributions?
  • What is the difference between a postponed contribution and repayment?
  • How do we correct the reporting after it has been filed with the IRS?
  • What is the difference between Traditional vs. Roth distribution codes and why is it so important to know the difference?

Who Should Attend?

Any employee who is remotely involved with IRAs and answers client's questions regarding the rules, regulations and reporting including: IT Dept, Financial Advisors, Customer/Member Services Reps, Call Centers and Operations Dept who are responsible for checking paperwork and correcting reporting mistakes.