IRAs: Rollovers vs. Transfers

Part II - Qualified Plan and IRA Rollovers vs Transfers

Some of the most misused and abused terminology in the IRA merry-go-round world are the terms “rollover” vs. “transfer”. These are not words that can be used interchangeably. If the term is not used correctly and indicated on the contribution form correctly and reported to the IRS correctly, it can trigger unwarranted bills from the IRS to the client showing many dollars in taxes owed.

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?
  • Most importantly…How are the transactions above reported to the IRS?

This is part two 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 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