As we continue our journey down the mountain, we come to the most abused terminology in IRAs. Everyone knows you can only do one rollover from your total IRA plans in a 12 month period – right? But what does that once-per-12-month rule apply to – IRA rollovers? QP Rollovers? Conversions? As you can see below, this is a jam-packed informational Webinar.
Covered Topics
- Why is it important to QUALIFY the money coming into the financial institution?
- What are the three questions that should be verified?
- What is the IRS definition of an IRA for rollover qualification purposes?
- What happens if an IRA accountholder exceeds the once-per-12-month rule?
- What are the exceptions for the 60 day time period where the customer can “self-certify” the rollover is still allowed?
- What are the alternatives to moving money from IRA to IRA if not a “rollover”?
- Which IRA Forms are used and how is the movement reported to the IRS?
- When does the financial institution have to verify transactions with the other institution?
- What’s the difference between an IRA Transfer, an IRA Rollover and a Qualified Plan Rollover?
- Moving money from a Traditional to a Roth or QP to a Roth – Conversion vs. Rollover?
- What is the new change regarding recharacterizations?
- Most importantly…How do we correctly code the transactions above to the IRS?
This is Part II of a four-part series. You can attend all the sessions to obtain the most comprehensive information or any part in the series independently.
You are encouraged to have a sample of the IRA forms your bank is currently using for your review during the session including: IRA Contribution forms, Distribution Forms and Rollover Review/Certification Forms.
Who Should Attend?
This is the Part II in a four-part series and is a “must-attend” Webinar for anyone - even remotely - involved in IRAs including, frontline, back office, call center, investment department, and trust department personnel.
"I have attended many of Patrice's live seminars, she is a great trainer and is so knowledgeable on the IRA products." -- Rhonda Prasifka, Citizens State Bank