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

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