WEBINAR

2020/2021 IRA Reporting Requirements 101 Webinar

CFT Credits: 0.25

What a roller coaster ride the year 2020 was! The Congress passed the most substantial changes to IRAs as we’ve had in almost 20 years due to the SECURE Act and the CARES Act created nothing but confusion in terminology and IRS Reporting. Getting this information right will make the difference in your clients getting a letter and bill from the IRS or smooth sailing through the tax filing process.

Webinar Description and Intended Audience

What a roller coaster ride the year 2020 was! The Congress passed the most substantial changes to IRAs as we’ve had in almost 20 years due to the SECURE Act and the CARES Act created nothing but confusion in terminology and IRS Reporting. Getting this information right will make the difference in your clients getting a letter and bill from the IRS or smooth sailing through the tax filing process.

What’s the difference between a 1099-R, 5498, 1099-SA, 5498-SA, 1099-Q, 5498-ESA, 8915-E, 8606 and 5329. Are those enough numbers for you?

While we will mostly focus on the IRA reports required by the financial institution vs. the client’s own required forms filed with their tax return, the other forms will also have a quick overview. The timing of this informative Webinar is to make sure we have the latest instructions from the IRS in case some of these forms need to be corrected before submission to the IRS by the end of March.

Honestly, the IRS has been dragging their feet on the IRA reporting instructions for the last year for rollovers, repayments and postponed contributions and using the terminology interchangeably. This not only breeds confusion but also many reporting mistakes that may have to be corrected before the IRS filing deadlines.

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.

Webinar Viewing Options

LIVE WEBINAR:                                              

INCLUDES 7 DAYS OF UNLIMITED ONDEMAND PLAYBACK!  With this option, you will participate in the webinar live, via the internet. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time.  And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!

SIX MONTH ONDEMAND VIDEO:

With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it a very effective training tool. The OnDemand Video will be available to you (and anyone else in the company) for six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.

CD-ROM VIDEO:

If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool.  With this option, you will receive a download of any applicable handouts and a CD-ROM (featuring the full-color PowerPoint presentation with audio) via regular mail. Mailed 7 to 10 days after the webinar takes place.

IN-HOUSE:                                                        

Webinars can be scheduled and offered exclusively for your company.  They can even be customized to best fit your needs.  To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.

Continuing Education (CE) Credits

This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.

Register Here!

Choose the viewing option that best suits your needs. Live Webinar times are shown as Eastern Time. You can choose to pay by credit card or invoice when you register. CFT Credit will be awarded to the registrant, unless directed otherwise (additional attendees can also receive credit for an additional fee). CFT Webinars are powered by Total Training Solutions!

Webinar DateStart TimeEnd DateEnd TimeViewing Options - See Descriptions AbovePrice
AnyAnySix Month On-Demand Recording$295.00
AnyAnyCD-Rom Video Recording$345.00
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