IRA Annual Reporting Requirements to the IRS

Although the IRS may never see your bank IRA forms, they will see the results of the contribution and distribution choices and coding when the annual 1099-Rs and 5498s are submitted to the IRS. On of the biggest sources of letters and bills sent out to bank clients is either a mistake made by the bank by incorrect IRS reporting or possibly the client not completing their tax forms correctly. How do we know the difference and who must do the correction?

Recorded Friday,
February 10th, 2023
Presented by Patrice Konarik
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Auditing
  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • IRAs
  • Reporting
  • Teller
  • Trusts
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • Teller
  • Trainer
  • Trust Officer

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"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.

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.