Retirement Penalties and Rollover Issues 25-26
4.00 Credits
Member Price $99
Non-Member Price $129
Overview
Taking money from ones retirement plan before age 59-1/2 or failing to withdraw funds after age 73 leads to penalties. Plan beneficiaries have a separate set of rules for withdrawals. There are penalty exceptions and waivers, but some issues have no possible resolution. A withdrawal from a retirement plan is taxable unless it’s returned to a plan within 60 days. Some withdrawals cannot be returned and there are some ways to make a late rollover tax-free. Early and late distribution penalties and 60-day rollover failures are prevalent issues that tax preparers must handle despite the size of the firm or the wealth of their clients. Learn the rules of the road in this class. Note: This class presents an in-depth discussion of issues presented in the instructor?s class Retirement Distributions: Planning Options .
Highlights
What the IRS knows: Forms 1099R and 5498 Exceptions to the ten percent penalty Secure 2.0 changes to the late payment penalty History of the 60-day Rule and Recent Developments Rulings and self-certification Form 5329 use and strategiesPrerequisites
None
Designed For
CPAs, tax staff and other tax professionals.
Objectives
Identify exceptions from the 10% penalty for early distributions from retirement plans, IRAs and annuities Recognize the far reach of the once per year rollover rule and what circumstances have fatal consequences Determine the difference between Rollovers and TransfersPreparation
None
Leader(s):
Leader Bios
Mary Kay Foss
Mary Kay Foss, CPA, joined Sweeney Kovar as a director in 2010. She has more than thirty years of practical experience in advising clients about retirement, income and estate planning issues. She is a frequent lecturer for community, professional and business groups and has authored and presented courses for tax professionals throughout California.
Non-Member Price $129
Member Price $99