IRAs: 4 Part Series

This four part series includes the following Webinars. Click each link for a complete description of what will be covered in each session. Each Webinar can also be purchased individually.

IRAs Part I: The Basics Simplified - Thursday, October 18th
The goal of this Part I IRA Basic Webinar is to start at the beginning of "What is an IRA?" Who can have an IRA? How much can they contribute? Includes an overview of the plan IRA types.

IRAs Part II: Rollovers vs. Transfer - Thursday, October 25th
Learn the importance of getting the terminology right!

IRAs Part III: Distributions and Beneficiaries – Tuesday, October 30th
If you are searching for a Webinar where you will achieve that higher “comfort level” on these complicated topics, this seminar is “must-attend”.

IRAs Part IV: Auditing and Compliance– Wednesday, November 14th
If you don't want your customers to get unnecessary letters and bills the IRS for bank-induced filing errors, this Webinar is a true necessity.

Covered Topics

Part I - IRA Plan Types A-Z

  • Review of top terminology of IRAs
  • Basic Forms Required To Open, Close, Move and Maintain IRAs (have your own forms - including application, contribution and distribution forms - available during the webinar)
  • Qualifications, Contribution Limits and Deadlines for:
    • Traditional IRA and Roth IRAs
    • Conversion Roth (IRS codes and reporting)
    • SEP IRAs
Part II - Qualified Plan and IRA Rollovers vs Transfers

  • 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? 
Part III - IRA Distributions and Beneficiary Payout Options and Reporting

  • IRA Beneficiaries
    • Basic difference between primary and contingent beneficiaries
    • Naming an estate or trust as a beneficiary
  • IRA Distributions includes:
    • IRS penalty exceptions prior to age 59½ and the proper IRS coding
    • Required Annual Notifications for RMDs and Withholding
    • The NINE red flags of beneficiary payouts – including reporting pitfalls
    • Discussion of beneficiary payout options – including spouse, nonspouse, estate and trust
    • Setting up the Inherited IRA and documentation requirements
Part IV - IRA Audit of Files - What do we keep and what can we trash?

  • IRA forms to be kept on record by the financial institution and the accountholder’s required disclosures and forms
  • What are the IRA accountholder notices that must be sent out in a timely manner
  • How to audit the IRA department as far as expertise, form use, procedures and work flow
  • Line by line instructions on 5498 and 1099-R reporting – what’s required vs. what’s optional.
  • How and when to correct IRS reporting to avoid increased IRS fines to the financial institution
  • The most common errors hiding in your IRA customer files
  • Forms and tools for auditing your IRA files
  • 2018 IRA Cost of Living Adjustments

Who Should Attend?

Anyone who works with IRAs in any capacity will benefit from this webinar series.

"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


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