IRA Reporting to the IRS - Getting it Right!

"It's ALL about the reporting" - I say hundreds of times a year when asked about policy and procedures on IRAs. Sometimes we fail to connect the frontline transactions to the end result, and therefore how it reports to the IRS. If we don't understand the transaction descriptions when we are coding an IRA transaction, there's a good chance it won't report correctly to the IRS - sometimes resulting in a letter and bill issued to the customer.

Recorded Wednesday,
February 7th, 2024
Presented by Patrice Konarik
2h total length
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

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

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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

Any 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 from being able to identify errors before the IRS reporting is submitted.

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.