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IRA Reporting to the IRS: Dodging the Pitfalls

While the financial institution may be completing several forms when establishing IRA plans and documenting IRA transactions, there are only two forms that are submitted to the IRS to report the distribution and contribution activity: the 1099-R and the 5498.

Upcoming
DATE

Wednesday, February 18, 2026
11:00 am - 1:00 pm

INSTRUCTOR

Patrice Konarik

FORMAT

Webinar

CREDIT TYPE

2.0 CISP Credits

$299.00 or 1 Token

Includes: Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • IRAs
  • Reporting
  • Transaction Compliance
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • Training Manager
  • Trainer

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Following the “Garbage In/Garbage Out” rule, if we don't use the correct transaction descriptions or codes for the IRA contributions and distributions, the resulting incorrect IRS reporting will trigger a letter and bill from the IRS to our customers.

The boxes you check on your forms, and the transactions descriptions you use to process the work, translate into certain codes on the 1099-R IRA Distribution Reporting and populate certain contribution boxes for the types of contributions on the 5498.

If the reported transactions by the institution do not match what the customer is saying on their tax return, it can create all kinds of nightmare scenarios for the customer to explain to the IRS that it was an “institution mistake.”

And, if you have ever had to correct previous year reporting mistakes, you never want to do it again. You will want to make sure it is correct when the forms are originally submitted.

What You'll Learn

  • What boxes need to be completed on the 1099-R IRA distribution reporting?
  • What is the definition of a “Recipient” for reporting purposes?
  • What alphabetical and/or numerical codes are used in box 7 of the 1099-R for each type of withdrawal?
  • How do we report payments to beneficiaries after the IRA owner’s death?
  • What types of contributions report in which box?
  • How do we report repayments, postponed contributions, and late rollovers?
  • Can the 5498 be used as the annual RMD notice to customer in required distribution?
  • What are the steps for correcting an institution reporting error?

Who Should Attend

This session is ideal for anyone who completes the IRA forms for the institution, the operations department who should check the coding and reporting, and internal auditors who would double check and identify repeated reporting errors.

Patrice Konarik

Instructor Bio

Patrice M Konarik is president of Sunwest Training Corp founded almost 30 years ago and located in the Texas Hill Country near San Antonio. With over 40 years of experience in the financial industry, Patrice has focused her expertise on the retirement account area. After 28 years on the road providing live training nationwide, she now concentrates on providing informational IRA and HSA webinars through OnCourse Learning. She has a B.S. in Management Science from New York’s Binghamton University and previously held her Certified Financial Planner designation for 23 years.

Continuing Education Credit Information

IRA Reporting to the IRS: Dodging the Pitfalls has been approved for 2.0 CISP credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for both Live and OnDemand viewing. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.

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