Learn how to accurately interpret and report Form 1099-R distributions by understanding key codes, common scenarios, and complex reporting flows, ensuring compliance and accuracy on income tax returns.
The form 1099-R is a very complicated form used to report a lot of different transactions regarding Pensions, Annuities, Retirement Plans, IRAs, and Insurance Contracts. The bulk of these forms are prepared by large investment or insurance providers and recordkeepers using sophisticated software. This program is not designed for them. This program is designed to help businesses, accountants, bookkeepers, and tax advisors understand and review these forms to ensure information is correctly reported and to correctly report information from 1099-R on income tax returns. In addition to understanding how the most common distributions are reported, we will review the codes used on the form 1099-R and explore how some of the more complicated distributions flow from the 1099-R to the income tax return.
Learning Objectives
- You will be able to define the purpose of Form 1099-R and the types of retirement-related transactions it reports.
- You will be able to identify and explain the distribution codes used on Form 1099-R and their impact on tax reporting.
- You will be able to describe how both common and complex distributions flow from Form 1099-R to the income tax return.
- You will be able to review Form 1099-R for accuracy and recognize potential reporting errors to ensure compliance.
Agenda
Overview of Form 1099-R
- Who Normally Prepares for 1099-R?
- Electronic Filing Requirements for Information Returns
- Payer and Recipient Information Reported.
Information Reported on Boxes 1-6
- Gross Distributions
- Taxable Distributions
- Taxable Amount Not Determined.
- Total Distribution Box - When to Check This Box.
- Capital Gains
- Federal Income Tax Withheld
- Employee Contributions/Designated Roth Contributions or Insurance Premiums
- Unrealized Net Appreciation
Box 7 - the Box That Tells the Story. Distribution Codes
- What They Are
- Preparing the 1099-R
- Reading the 1099-R and Income Tax Reporting
Roth
- Boxes Used to Report Roth Distributions.
- Box 7 Codes Specific to Rot
Information Reported on Boxes 8 -19
- Other Information
- Account Numbers
- State and Local Reporting
Speakers
Mary Mlock, CPA,
BST- Partner in charge of BST Retirement Services with 30 years of experience
- Focuses practice on employee benefits, and expertise includes design, implementation consulting, and administration of defined contribution plans and other employee benefit plans
- Member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants
- Bachelor’s degree in business administration, Siena College
- Can be contacted at mmlock@bstco.com or www.bstco.com
Who Should Attend
This live webinar is designed for CPAs, accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, accounts payable professionals presidents, vice presidents, bookkeepers, and enrolled agents.
