2021 IRS Reporting Requirements for Deposit Forms – ON-DEMAND WEBINARS

Date Recorded: December 9, 2021

Presenter: Anetria Cohen, Vice President, FORVIS

OVERVIEW

IRS rules and reporting responsibilities are complex, extensive and overwhelming. In this webinar, we will discuss changes to the IRS forms for the 2021 tax year (for reporting in 2022) and discuss unique problems that occur with some of the forms. We will review issues and examples for the deposit forms, including the 1099-INT and the 5498/1099-R (important for IRAs).

HERE IS WHAT YOU WILL LEARN:

The focus of the webinar will be on the following deposit forms:

• Interest Income (Form 1099-INT);
• Information Reporting Requirements for Foreign Persons U.S. Source Income Subject to Withholding (Form 1042-S)
• Contributions to Individual Retirement Plan IRA, SEP, SIMPLE, Roth IRA (Form 5498); and
• Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, SEPs, SIMPLEs or Insurance Contracts, Etc. (Form 1099-R).

Due to time considerations, the following will be covered briefly:

• Original Issue Discount (Form 1099-OID);
• Contributions to Coverdell ESA (Form 5498-ESA);
• Distributions from Qualified Education Programs (Coverdell ESA) (Form 1099-Q);
• Contributions to a Health Savings Account (HSA), Archer MSA or Medicare Advantage MSA (MA MSA) (Form 5498-SA); and
• Distributions from a Health Savings Account (HSA), Archer MSA or Medicare Advantage MSA (MA MSA) (Form 1099-SA).