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How to Handle an Unexpected Form 1099-R Received from a Life Insurance Company/Financial Institution: Reconciling with all the Tax Partners



Thursday March 11

3:00PM ET - 4:30PM ET

The deadline for life companies and other financial institutions to prepare Forms 1099-R is January 31.  Most of our clients do not closely examine the forms right away, usually waiting until sometime between receipt and April 15.  When our clients believe that the information on Form 1099-R is incorrect, or that the form itself was sent in error, they may make a panicked call to their planning professionals.  The professional may be put in a position to reconcile tax information between the client, financial institution, tax advisor and the IRS.

In his exclusive LISI Webinar, Linas Sudzius will explore many of the most common situations where a client receives an unexpected Form 1099-R for 2020. Here are just a few of the topics Linas will cover: 

  • Section 1035 exchanges
  • Situations where the client is seeking to avoid the extra tax for distributions prior to age 59 ½
  • Indirect rollovers
  • Qualified charitable distributions (QCDs)
  • Coronavirus-related distributions (CRDs)
  • We will also consider whether:
    • The payer needs to amend Form 1099-R? 
    • What remedy does the client have when the information on Form 1099-R is incorrect?
  • Practical tips for educating clients before and after transactions likely to generate Form 1099-R

?Linas Sudzius, JD, CLU, ChFC is President of Advanced Underwriting Consultants. AUC provides outsourced advanced sales services to life insurance companies and their producers. Linas is also the principal of the ICS Law Group, an estate planning law firm located in Franklin, Tennessee.

 



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