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During this one-hour webinar we will look at the changes brought to IRAs and HSAs in the CARES Act. Second, we will examine the new IRA/HSA tax filing deadlines in the IRS Notice 2020-18. And Third we will look at the continued difficulties with the SECURE Act on inherited IRAs.
The due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020. This extends the contribution deadlines for IRAs and creates potential reporting changes on 5498s.
-New deadlines for tax reporting and contributions
-10% Penalty waived for up to $100,000 in IRA Funds
-Repayment of the funds distributed for up to three years or three years to pay taxes
-Working with your customer and documenting the distribution reason
-Waiver of the RMD payments for 2020 until next year
-Plan amendment deadlines
-Minor changes on the HSA usage and definition of medical expenses
-Challenges with the SECURE Act on deceased accounts and forms
Questions and Answers
IRA Form 5498