- Understanding the Top 20 Basic Terms of IRAs.
- Next we will review the most commonly used forms to create and complete IRA transactions.
- As the day goes on, you will pick up knowledge of the IRA plan types, Traditional, Roth and SEP.
- On the second day of our ride, we will nail down the use of the proper terminology of "Rollover" vs. "Transfer" when moving money from an employer plan to an IRA and from an IRA to an IRA - and the consequences if we don't know the difference.
- NEW How to report "late" or "tardy" rollovers on the 2019 5498.
- And finally, you will better-learn and comprehend the complicated areas of IRA Distributions to owners and beneficiaries and IRS reporting, resulting in a better picture of this complicated topic.
The agenda for each day is as follows:
Day 1: IRA Basic Issues - Wednesday, November 13, 2019
- IRA Terminology – Top 20 Terms
- Explanation of IRA Forms (Not Forms Specific – (Please bring your own forms including Application, Contribution form, Distribution, Rollover Review or Certification and any other commonly used forms)
- Beneficiary Designations including Primary and Contingent, Trusts and Estates
- Qualifications, New 2019 Contribution Limits and other new regulations for a:
- Traditional IRA
- Roth and Conversion Roth
- SEP IRAs contributions and IRS reporting
Day 2: IRA Advanced Issues - Thursday, November 14, 2019
- Updated legislative regulations on IRAs as the result of passed and enacted laws including the Secure Act and the 2019 Cost of Living Adjustments
- Qualified Plan Rollovers to a Traditional or Roth IRA – 6 Red Flags
- Direct vs. Indirect
- IRA to IRA Indirect Rollovers and Direct Transfers – Once-per-12-month rule clarifications and recent rules on 60 day exceptions and reporting
- Federal and State Income Tax Withholding requirements
- Before age 59½
- At age 70½ including mandatory notices
- 9 Biggest Mistakes of IRA Beneficiary Payouts
- Overview and Explanation of IRS Reporting Requirements
Each day can be purchased independently but for the most comprehensive understanding of the issues from A-Z, attending both days is recommended. You will receive a separate manual for the topics of each day's class.
Who Should Attend?
New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Accountholder Service Representatives, Investment and Trust Personnel who are newly involved in the opening, selling, marketing, or administration of IRAs. Any officer/manager who "oversees" the IRA department and may be responsible for answering IRA accountholders questions or concerns but does not actually open IRA accounts. Experienced IRA Personnel who like a slower pace workshop to cover all the new changes in a comprehensive manner.
"Patrice Konarik is extremely knowledgeable regarding IRAs. She took complicated scenarios and explained in a simple, straightforward way why IRA transactions were processed a certain way and the consequences of doing them incorrectly. Her combination of humor and knowledge, made this training both informative and enjoyable. I would definitely recommend to anyone who is wanting to increase their IRA knowledge." -- Leslie Diaz, Relationship Banking Manager, Crossfirst Bank
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