Preparing Form 5329: Waivers for Missed or Incorrect RMDs, Excess Contributions, and Exceptions for Early Withdrawals

Course Description

We all know we need to save for the future, but what happens if you contribute more than the annual limit to your retirement or health savings account (HSA)?

What happens if you need to take the money out of an IRA before you reach retirement age, or you take money from a 529 plan and don't spend it on qualified education expenses?

Form 5329 is the tax form used to calculate possible IRS penalties from the situations listed above and possible request a penalty waiver. Form 5329 applies to each individual that might owe a penalty, so for married couples filing jointly, each spouse must complete their form.

This CE/CPE webinar will discuss how to properly prepare Form 5329, Additional Taxes on Qualified Plans, to request a waiver for missed or incorrect required minimum distributions (RMDs), preparing the Form 5329 for multiple years for excess contributions to qualified plans, and requesting abatement of penalties for early distributions from IRAs and retirement plans.

A retirement account owner must begin taking required minimum distribution (RMD) amounts from his or her retirement account by the required beginning date and for every subsequent year.

The penalty for a missed or incorrect RMD is among the highest in the tax code at 50%. Excess contributions are subject to a six percent excise tax that continues annually until the overfunded amount is withdrawn.

This CE/CPE tax webinar will help you to understand and learn best practices to avoid these problems.

Learning Objectives

• To discuss Form 5329.
• To review a summary of the various penalties for retirement accounts.
• To analyze the various exceptions to the penalty.
• To inspect differences between exceptions to the penalties for IRA and employer retirement plans.
• To investigate the best practices to avoid these problems.

Recommended For

• This IRS-Approved CE/CPE webinar is recommended for CPA, CFE, EA, CPA/PFS, TEP, CTEC, ChFC®, CSA, ERPA, FSCP®, CASL, ChSNC, RICP, WMCP, AFSP, Tax Professionals, Tax Directors, Tax Practitioners, and Tax Attorneys desiring to understand everything about preparing Form 5329.
• This CE/CPE course is insightful for tax managers, CFOs, controllers, compliance managers, risk managers, and business owners.

Who Should Attend?

Webinar Qualifies For

• 2 CE Credit for Wealth Management Certified Professional (WMCP)
• 2 CPD Credit for Trust and Estate Practitioners (TEP)
• 2 CE Credit for Retirement Income Certified Professional (RICP)
• 2 CPD Credit of Fundamental Financial Planning Concepts for Personal Financial Specialist (PFS)
• 2 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00856-21-O)
• 2 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00856-21-O)
• 2 CE Credit for Financial Services Certified Professional (FSCP®)
• 2 CE Credit of Federal Tax Related Matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00856-21-O)
• 2 CE Credit for Chartered Special Needs Consultant (ChSNC)
• 2 CE Credit for Chartered Financial Consultant (ChFC®)
• 2 CE Credit for Chartered Advisor in Senior Living (CASL)
• 2 CE Credit for Certified Senior Advisor (CSA)
• 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
• 2 CRE Credit for Certified Financial Examiner (CFE)
• 2 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0797)
• 2 CE Credit of Taxes for Annual Filing Season Program (AFSP)

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