Retirement Penalties and Rollover Issues 2024

Friday, December 20, 2024
Webcast or Webinar, Online
5:00 PM - 7:00 PM (opens at 4:30 PM) EST
2Credits

Registration is Open

Members
$89.00 Regular Price
Non-Members
$119.00 Regular Price

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$40.00 Members / $56.00 Non-Members
Course Type: Webcast
Course Code: 24/8124798
Level: Basic
Vendor: California CPA Education Foundation
Field of Study: Taxes

Overview:

Taking money from a 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 as well. 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.

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 Transfers

Major Topics:

• 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 strategies

Major Topics:

• 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 strategies

Designed For:

CPAs, tax staff and other tax professionals.

Prerequisites:

None