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2022 IRA Beneficiary Payouts - Yes or No?

Great question. As the IRS flip-flops on the RMD rules for beneficiaries, it leaves clients, financial institutions, financial and estate planners twisting in the wind.

OnDemand
Recorded Wednesday,
November 9th, 2022
Presented by Patrice Konarik
1h 30m total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Auditing
  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • IRAs
  • Reporting
  • Teller
  • Trusts
  • Branch Manager
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Private Banker
  • Senior Management
  • Teller
  • Trainer
  • Trust Officer

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In 2002, the EGTRRA changed the non-spouse beneficiary payout from a 5-year payout option to a single life expectancy option. After 17 years, the IRS realized it’s taking them a lot longer to collect revenue from those beneficiaries.

In December 2019, the SECURE Act was signed into law which said that effective for owners who die in 2020 and later, most non-spouse beneficiaries have to have their Inherited IRA closed in 10 years – with optional distributions the first 9 years. Oops! The IRS intention was not to do without this revenue the first 9 years.

In February 2022, the “Proposed Regulations” were released – supposedly to take effect for 2022 death RMDs - to reverse that and have the beneficiary distribution rules similar to a hybrid between the pre-SECURE Act and post-SECURE Act. Following me so far? Then because there were a lot of negative comments about the rule change, the IRS said, “Never mind. We’ll worry about this next year.” This is an invaluable 90 minute Webinar you must attend to find out what the beneficiary options are before the end of this year and moving forward. There will be plenty of time for Q&As at the end of the class.

What You'll Learn

  • What are the 3 categories of beneficiaries created by the SECURE Act to determine payout options?
  • Do beneficiaries of owners who died beginning in 2020 have to start distributions or not?
  • What choices do beneficiaries have if they took a distribution this year and now find out they may not have to?
  • What happens to the 2021 and 2022 RMD death distributions if this takes effect in 2023?
  • When does the 10-year payout start for beneficiaries in existing single life payout?
  • What options do “successor beneficiaries” have?
  • And what about the Multi-Beneficiary Trusts – Type I and Type II? Qualified vs. Non-Qualified? See-through or not?

Who Should Attend

All employees who are responsible for answering client questions about IRAs and the death of IRA owners including CSRs, Operations, Call Center, Trust and Investment personnel who need a clear understanding of the most recent changes.

Patrice Konarik

Instructor Bio

Patrice M Konarik is president of Sunwest Training Corp founded almost 30 years ago and is located in the Texas Hill Country near San Antonio. With over 40 years of experience in the financial industry, Patrice has focused her expertise on the retirement account area and after 28 years on the road providing live training nationwide, is now concentrating on providing informational IRA and HSA Webinars through OnCourse Learning. She has a BS in Management Science from New York’s Binghamton University and previously held her Certified Financial Planner Designation for 23 years.

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