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.