Retirement Penalties And Rollover Issues

Description

Early distribution penalties and 60-day rollover failures are prevalent issues tax preparers must handle despite the size of a firm or the wealth of clients. There are penalty exceptions and waivers, but some issues have no possible resolution.

Note: This class presents an in-depth discussion of issues presented in the instructor’s class Retirement Distributions: Planning Options.

Highlights

• History of the 60-day Rule and Recent Developments
• Exceptions to the ten percent penalty
• Rulings and self-certification
• What the IRS knows: Forms 1099R and 5498
• Form 5329 use and strategies

Objectives

• Recall exceptions from the 10% penalty for early distributions from retirement plans, IRAs and annuities and other retirement penalties.
• Consider the far reach of the once per year rollover rule and what circumstances have fatal consequences.
• Recognize the difference between Rollovers and Transfers.
• Determine how the sixty-day rollover has evolved and is currently in effect.

Designed For

CPAs, tax staff and other tax professionals.