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

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Additional tax on early distributions

10 mins
60-Day waiver request

24 mins
Self-Certification rollover list

32 mins
Medical insurance exception

51 mins
additional tax on certain distributions from education accounts and ABLE accounts

65 mins
What can be done to reduce 2021 taxes

98 mins

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 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 Excess contributions are subject to a six percent excise tax that continues annually until the overfunded amount is withdrawn.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 General Credit for Accountant/Bookeeper
2 CPE Credit for Wealth Management Certified Professional (WMCP)
2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0797)
2 CPE Credit for Certified Government Financial Manager (CGFM)
2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00856-21-S)
2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00856-21-S)
2 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
2 CPD Credit for Trust and Estate Practitioners (TEP)
2 CPE Credit for Chartered Financial Consultant (ChFC)
2 CE Credit for Certified Senior Advisor (CSA)
2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00856-21-S)
2 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-00982-22-S)
2 CPE Credit for Financial Services Certified Professional (FSCP)
2 CPE Credit for Chartered Advisor in Senior Living (CASL)
2 CPE Credit for Chartered Special Needs Consultant (ChSNC)
2 CPE Credit for Retirement Income Certified Professional (RICP)
2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
2 CE Credit for Certified Wealth Strategist (CWS)
2 PL Credit for Chartered Financial Analyst (CFA)

Additional details

Course Level :

Basic
Credits :

2
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

IRS APPROVED

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.

NASBA APPROVED

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.

CTEC APPROVED

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.

Presenter

About Presenter

Lawrence Pon, CPA/PFS, CFP, EA, USTCP, AEP

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.

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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As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, 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 continuing education requirement as 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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