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Lunch&Learn with Denise Appleby:-Part 2: Recharacterizations, Excess Contribution Corrections, and Tax Reporting of IRA Contributions

  • 24 Feb 2022
  • 12:00 PM - 1:00 PM
  • Zoom- Joining Instructions will be provided 4 days before session


  • Free to eligible members of Appleby Retirement Consulting IN. - IRA Technical Consulting Services
  • This option is available to individuals who do not have a current IRA Consulting membership with Appleby Retirement Consulting Inc.
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Backdoor Roth IRAs, Deductibility Vs Eligibility, Roth IRA Conversion Contributions, Recharacterizations, and Other Critical Tax Planning Opportunities for IRAs for 2021 and 2022

A 2-part series

Part 1: IRA Contributions- Eligibility, Deductibility and Backdoor Roth IRA Contributions

Part 2:  Recharacterizations, Excess Contribution Corrections, and Tax Reporting of IRA Contributions

Trainer: Denise Appleby- National Expert on IRAs and Employer Plans for Small Businesses

Part 1: IRA Contributions- Eligibility, Deductibility, and Backdoor Roth IRA Contributions

February 17: 12 Noon to 1:00 PM Eastern
  • Back to basics: What is ‘compensation’ for IRA contribution purposes?
  • The rules for determining who is an active participant and whether they are eligible to deduct traditional IRA contributions
  • How MAGI affect eligibility for Roth IRA contributions
  • Spousal IRA Contributions: Who is eligible?
  • Why you can make a traditional IRA contribution to a SEP IRA but not a SIMPLE IRA
  • Traditional IRAs and Roth IRAs: Strategies for getting the best of both
  • When a backdoor Roth IRA contribution is advisable and how to get it right
  • Why basis is not a hindrance to a backdoor Roth IRA contribution
  • Roth 401(k)s & Roth IRAs: Can and individual do both at the same time?
  • Why a Roth IRA contribution has no impact on a qualified distribution


Part 2: Recharacterizations, Excess Contribution Corrections, and Tax Reporting of IRA Contributions

February 24: 12 Noon to 1:00 PM Eastern

  • Can you still do a Roth IRA conversion for 2021?
  • How to track basis for IRA contributions and avoid double taxation for IRA contributions
  • The tax forms that play an integral role in IRA contribution reporting:
    • Form 1040
    • Form 5329
    • Form 8606, and
    • Form 5498
  • When and how to recharacterize a Traditional IRA contribution to a Roth IRA contribution and vice versa
  • When an IRA contribution is an excess and how to timely and properly correct it
  • What happens when an excess contribution is not corrected timely and properly?
  • The hierarchy when excess contributions are made to both traditional and Roth IRAs for the same year
  • Alternative solutions for excess IRA contributions


The primary means of funding an IRA is by making regular contributions. And, while making a contribution seems like a simple enough process mistakes are often made that result in excess contributions, making contributions to the wrong type of IRA (traditional instead of Roth and vice versa) and failing to timely correct ineligible contributions.

In this program, national IRA expert Denise Appleby will take you through the rules for making contributions to Traditional IRAs and Roth IRAs; including when and how to claim deductions for traditional IRA contributions, how to switch from a traditional IRA contribution to a Roth IRA contribution, how to correct an excess IRA/Roth IRA contribution and avoid the 6% annual excise tax, and the tax reporting requirements for IRA contributions.

Learning Objectives

Advisors who attend this session should be able to:

  • Determine clients’ eligibility to make contributions to traditional IRAs and Roth IRAs
  • Make a distinction between eligibility and deductibility for IRA contributions
  • Perform backdoor Roth IRA contributions
  • Help clients correct excess contributions made to Roth IRAs and traditional IRAs
  • Recharacterize contributions made to traditional IRAs and Roth IRAs
  • Help affected clients avoid the 6% excise tax that can apply to ineligible contributions
  • Determine the responsible parties for the various tax reporting requirements for IRA contributions 

Who Should Attend

  • Advisors and support staff that assist clients with their traditional and Roth IRA contributions
About Denise Appleby, MJ, CISP, CRC, CRPS, CRSP, APA
Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA technical consultation, training and resources for financial, tax and legal professionals. She has over 20 years of experience in the retirement plans field.

Denise writes and publishes booklets and marketing tools for advisors.
Denise co-authored books that include The Roth IRA Answer Book, The SEP, SIMPLE, SARSEP Answer Book, Quick Reference to IRAs, all Published by Aspen Publishers. She writes for online publications including Investopedia and
Denise is a graduate of The John Marshall Law School, where she obtained a Master of Jurisprudence in Employee Benefits, and has earned 5 professional designations in the field of retirement account rules and regulations.
She is the creator and CEO of, a free consumer website containing information about retirement accounts rules and regulations. She has appeared on numerous TV and radio programs and quoted in leading media publications.

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