Retirement Penalties and Rollover Issues 2022

Overview

Early 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 your 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 • Rulings and self-certification • Exceptions to the ten percent penalty • 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 • Consider the far reach of the once per year rollover rule and what circumstances have fatal consequences • Recognize the difference between Rollovers and Transfers