IRA Annual Reporting Requirements to the IRS

Friday, February 10th, 2023 10:00 am - 12:00 pm

A Program

Click Here to register for live program $279

Click Here to register for live program and recording $419

Although the IRS may never see your bank IRA forms, they will see the results of the contribution and distribution choices and coding when the annual 1099-Rs and 5498s are submitted to the IRS. On of the biggest sources of letters and bills sent out to bank clients is either a mistake made by the bank by incorrect IRS reporting or possibly the client not completing their tax forms correctly. How do we know the difference and who must do the correction?

"It's all about the reporting!" - I say about 1000 times a year. Why do we have to do it this way instead of an easier way? Because it's all about the reporting. Whether setting up a new IRA or handling transactions on existing IRAs, it is so important that you check the correct box and 'use the correct transaction code description so that the IRS reporting matches what the client is indicating on their taxes. It's not okay just knowing your job on the front end without knowing the results of your actions on the back end - most specifically the IRS reporting. This webinar will review the most common reporting mistakes made by financial institutions on both Traditional and Roth IRAs.


  • What is the difference between 'prior year' and 'current year' contribution reporting?
  • What happens when Traditional IRA distribution codes are used for Roth distributions?
  • How do we report excess contribution withdrawals and how does it affect prior year reporting?
  • What happens if the client insists we correct reporting that is already 'correct'?
  • What is the difference between a postponed contribution and a repayment?
  • What are the best ways to avoid reporting mistakes?
  • How do we correct a 1099-R or 5498 from previous years?
  • Should we ever offer to pay a client's taxes and penalties because of a reporting error?


Patrice M. Konarik

Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Patrice has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis.