Retirement Penalties And Rollover Issues
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.
- 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
- 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.
CPAs, tax staff and other tax professionals.
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.