Description
Gain a better understanding of how to accurately execute Form 1099R and handle all of the situations that can arise.
The form 1099R is a very complicated form used to report a lot of different transactions regarding Pensions, Annuities, Retirement Plans, IRAs, and Insurance Contracts. The bulk of these forms are prepared by large investment or insurance providers and recordkeepers using sophisticated software. This program is not designed for them. This program is designed to help businesses, accountants, bookkeepers, and tax advisors understand and review these forms to ensure information is correctly reported and to correctly report information from 1099R on income tax returns. In addition to understanding how the most common distributions are reported, we will review the codes used on the form 1099R and explore how some of the more complicated distributions flow from the 1099R to the income tax return.
Date: 2024-01-16 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to describe who must file forms 1099 R electronically.
* You will be able to scuss rules regarding series of substantially equal periodic payments and reporting for payments that are no longer substantially equal and subject to recapture of prior year penalty tax.
* You will be able to explain what prohibited transactions are, and how they are reported and taxed, including excise taxes.
* You will be able to recognize the important role of the income tax preparer in recognizing excess elective contributions and avoiding potential double taxation.