IRAs Part 2 - QP and IRA Rollovers vs. Transfers

To register for the full IRA Series, click HERE.

Qualify the Money! The questions that need to be asked are:

  1. "What plan type is it coming from?"
  2. "What plan type is it going to?"
  3. "Can the customer use the funds between Point A and Point B?"
The answers to these 3 questions will put you on the right path to your IRS reporting. And, it's ALL about the reporting when it comes to IRAs. By not knowing the difference of how retirement money moves between the custodians and trustees, the bank coding and IRS reporting may not match. This results in needless letters and bills received by the customers from the IRS because they can't figure out what happened.

Covered Topics

  • What is the IRS definition of an IRA for rollover qualification purposes?
  • What happens if an IRA account owner 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. While attending one part of the webinar series may help, attending all four parts will give you the most comprehensive breakdown of the rules and regulations.

Who Should Attend?

This is a “must-attend” webinar for anyone - even remotely - involved in IRAs including, frontline, back-office operations, 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