2020 was an eventful year when it came to IRA required minimum distributions (RMDs), especially for those who took their RMDs before the March 2020 suspension was enacted. Then came rollover relief.

Key reporting forms: Form 1099-R reports most 401(k) distributions, while Form 5498 confirms IRA rollovers; W-2s show contributions. Penalties and exceptions: Withdrawals before age 59½ may face a 10% ...

As you read this in early February, your clients are receiving their annual 1099-R forms that report distributions taken in 2020 from their IRAs and other retirement accounts. Once they look the forms ...

Featured on WGN Radio’s Home Sweet Home Chicago on 01/27/24: IRS Tax Attorney Steven A. Leahy of the Law Office of Steven A. Leahy, PC with Opem Tax Advocates joins the show to walk a listener through ...

IRS reminds employers that implementing certain optional retirement plan provisions of SECURE 2.0 affect Form W‑2 and Form 1099‑R reporting starting in 2023 The IRS recently issued Fact Sheet 2024‑18 ...

Some forms are pre-populated and designed for you to pass on to the IRS. They may have arrived in your mailbox or be sitting in a "tax documents" portal on a website, awaiting download. In theory, ...