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IRA Reporting to the IRS: Getting it Right!

When providing IRA training and answering IRA questions, I probably say hundreds of times a year, “IT’S ALL ABOUT THE REPORTING!” It cannot be stressed enough how you must “check the correct box,” “use the correct transaction code description,” and most importantly, “match what the customer is reporting on their tax return” in order to avoid them receiving unnecessary letters and bills from the IRS.

Upcoming
Wednesday, February 5th, 2025
10:00 am - 12:00 pm
Presented by Patrice Konarik
$299.00 or 1 Token

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

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

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While we 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.

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 the population of the contribution boxes for the types of contributions on the 5498.

If the reported transactions by the bank 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 a “bank 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 IRA owner and beneficiary names on the 5498?
  • 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?
  • How can we minimize incorrect reporting by accessing reports before submission to the IRS?
  • What are the steps for correcting a bank 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.

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