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Course Level :Basic
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Credits :2
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Instructional Method :Group Internet Based
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Pre-requisites :None
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Advance Preparation :None
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 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continues annually until the overfunded amount is withdrawn.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.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
Owner, Pon & Associates
Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA
Mr. Pon has been in tax practice since 1986 and speaks regularly to tax professionals and financial advisors on the latest tax planning and preparation topics.
Mr. Pon enjoys helping his clients reach their financial goals through comprehensive tax planning and financial planning.
Mr. Pon received his BS in Business Administration (Accounting & Finance) from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco.
We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.
We provide a variety of services including:
Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.
10 Ratings
SH
May 25th, 2022
“He was much nicer, more caring and a better educator than any other teacher I ever had.
2 Credits
Subject Area
Jul 05, 2022 | 09:00 AM EDT
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