Excise Taxes After SECURE 2.0: Reporting Relief on Form 5329
This webinar will explain how to expedite the correction of errors that taxpayers frequently make when contributing and distributing money to and from IRAs. We will review common missteps including overcontributions, missed required minimum distributions (RMDs), early distributions, rollover deadlines, and prohibited transactions. The complexity of IRA rules leads to mistakes. Overcontributing can lead to a six percent excise tax that is charged annually until the taxpayer withdraws the excess contribution. SECURE 2.0 has graciously reduced the excise tax on overlooked RMDs, but we'll review how taxpayers can pay no excise tax on missed RMDs. SECURE 2.0 has also added more exceptions to the 10% early distribution tax and we'll review these exceptions to see if they can help taxpayers avoid or mitigate the 10% early distribution tax. We will provide examples of correcting common errors made when contributing and withdrawing money from retirement accounts.
*Self-Study recording not available for NASBA CPE credit.
IRS Program #: 7Q3WU-T-00863-25
CTEC Course #: 6248-CE-00226
Larry Pon
,
CPA/PFS, CFP, EA, USTCP, AEP
Larry has been a tax professional since 1986 with a tax planning, preparation, and representation practice in Redwood Shores, CA. Larry enjoys speaking about tax to tax and financial planning professionals. Larry received his BS in Business Administration with emphases in Accounting and Finance from UC Berkeley and MS in Taxation from Golden Gate University.
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Excise Taxes After SECURE 2.0: Reporting Relief on Form 5329
2 IRS CE/2 CTEC/2 NASBA CPE
Learn how to correct common IRA errors, including overcontributions, missed RMDs, early distributions, rollovers, and prohibited transactions, while navigating SECURE 2.0 updates to minimize or avoid excise taxes.
