The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). This article summarizes the guidance contained in Notice 2024-02.
Read MoreHere’s a refresher on how to know the reporting differences between rollovers, postponed/late contributions, and repayments.
Read MoreIf your financial organization holds a Traditional or SIMPLE IRA on December 31, 2022, and the IRA owner will be 72 or older in 2023, you must provide the IRA owner with an RMD statement by January 31, 2023.
Read MoreOne of the most difficult aspects of reporting IRA and retirement plan distributions is determining the proper distribution code(s) to enter in Box 7 on IRS Form 1099-R. Here’s a guide to help you choose the correct code.
Read MoreBeneficiary options have become more complex in light of recent guidance, including SECURE Act changes, proposed RMD regulations, and Notice 2022-53. This article may help address some questions that your clients may have.
Read MoreIRA owners have until their federal tax return deadline, plus extensions, to recharacterize a 2021 IRA contribution, so you may be fielding many questions about recharacterizations between now and the October 15 deadline.
Read MoreAs your clients prepare their tax returns, you may find yourself receiving a barrage of tax reporting questions. Hopefully, here are the answers to some of your challenging questions during tax season.
Read MoreOne of the most difficult aspects of reporting IRA and qualified retirement plan distributions is determining the proper distribution codes to enter in Box 7 on IRS Form 1099-R. Consider some common distribution scenarios to learn which code applies and why.
What should your clients do if an IRA-to-IRA transfer they’ve done is reported to the IRS? Are clients allowed to do prior-year conversions? Does an IRA-to-IRA rollover after a conversion of those same assets violate the one-per-12-month rule?
Read MoreYou and your staff may be fielding questions from clients about whether coronavirus-related distributions are still available in 2021 or whether there’s an RMD waiver for 2021. Those two CARES Act provisions have ended, but some parts of the relief are still applicable.
Read MoreIRS final regulations giving retirement plan participants more time to roll over qualified plan loan offsets were released in December 2020.
Read MoreIRA, retirement plan, and HSA distributions must be reported to account owners and to the IRS by January 31. Follow these charts to be sure that the required distribution information is being entered correctly.
Read MoreOne of the most difficult aspects of reporting IRA and retirement plan distributions is determining the proper distribution code(s) to enter in Box 7 on IRS Form 1099-R. We’ve called out each distribution code that may apply and explained when to use each.
Read MoreIntended to encourage charitable giving, a qualified charitable distribution is an IRA withdrawal that is paid to a qualifying charitable organization, and—if conditions are met—will be tax-free to the giver.
Read MoreThese days, IRA owners may be noticing a drop in their IRA balances. While discouraging, it might be an opportunity to convert to a Roth IRA. Be sure that you—and your clients—understand how a conversion works.
Read MoreAs a trustee or custodian of IRAs, HSAs, or ESAs, your organization must keep track of many deadlines throughout the year. Missing a deadline can be costly. Seeing the big picture of all due dates in one calendar year with a brief description of each may be helpful.
Read MoreThe 2019 instructions for IRS Forms 1099-R and 5498 are now available, with a few notable changes in addition to standard updates.
Read MoreAfter a longer than usual delay, the IRS released the 2018 Form 1099-R, 5498, and the associated instructions for IRA and retirement plan transactions. The IRS explains how to handle certain retirement plan loan offsets that are allowed an extended period beyond 60 days for rollover.
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