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

  • AFSP
  • CPA (US)
  • EA
  • ORTP
  • CPA/PFS
  • TEP
  • ChFC®
  • CSA
  • CFE
  • Maryland Tax Prep.
  • FSCP®
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

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 Excess contributions are subject to a six percent excise tax that continues annually until the overfunded amount is withdrawn.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?

  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

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)

Presenter

About Presenter

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. 


About Company

Pon & Associates

www.larryponcpa.com/

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:

  • Income Tax Preparation for all types of businesses, individuals, trusts, and estates.
  • IRS and State Audit Representation
  • Financial Planning
  • Estate Planning and Preparation
  • Business startup services including Business Planning
  • Tax Planning and Consulting
  • Charitable Planning

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.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Preparing Form 5329: Waivers for Missed or Incorrect RMDs, Excess Contributions, and Exceptions for Early Withdrawals

$20

2 Credits

Subject Area

Taxes