How to Save Clients From Making Big Mistakes With Their IRAs
May 9, 2016
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By Denise Appleby, APA, CISP, CRC, CRPS, CRSP
Excess IRA contributions often go undetected, resulting in significant excise and income taxes for clients. An audit of IRS Form 5498 can help you identify a client’s excess contributions in time, so you can make necessary corrections by the applicable deadline and avert possible penalties.