IRA Death Distributions to Beneficiaries - Options and IRS Reporting

If you feel like you are a member of the group "IRA Beneficiary-Confused", you are not alone. Over the years, the IRS has changed the methods of payments to beneficiaries many times - but nothing like the mess they have created in the last 3 years. And they still can't make up their minds. No wonder there are so many different interpretations of the rules and regulations. Let's straighten out the confusion!

Recorded Wednesday,
March 13th, 2024
Presented by Patrice Konarik
2h total length
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Auditing
  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • IRAs
  • Reporting
  • Teller
  • Transaction Compliance
  • Trusts
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Teller
  • Training Manager
  • Trainer
  • Trust Officer

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You may have attended several classes on this particular subject over the last couple of years and heard different interpretations of the beneficiary payout options. It wasn't as much misinformation by the speakers as it was indecision by the IRS. And, this is not a new concept. It is just an incorporation of some of the pre-SECURE Act rules and post-SECURE Act regulations. Meanwhile, the beneficiaries are in limbo trying to figure out: "Do I have to take a death distribution now or can I wait 10 years?" or "What penalties will I incur if I skip a distribution?"

In this informative 2-hour webinar, we will review the basic flow of money paid out to 'primary' beneficiaries vs. 'contingent' beneficiaries. Following that, we will delve into how to set up Inherited IRAs, IRS reporting on death distributions and the latest payout options available to beneficiaries depending on the type of beneficiary and the IRA Owner's RMD status at the time of death.

What You'll Learn

  • Difference between 'Eligible', 'Non-Eligible' and 'Non-Designated' Beneficiary
  • When death payments to beneficiaries begin
  • Who must meet the owner's RMD in the year of death
  • When the 10-year payout option begins if IRA beneficiaries were in a Single Life payout before 2020
  • When a spouse beneficiary opens an Inherited IRA instead of treating it as their own
  • Payout options for a minor who is not the child of the IRA owner
  • What happens if an IRA beneficiary dies before the owner
  • Calculating payments to beneficiaries if the Proposed Regulations get finalized

Who Should Attend

Every employee who is responsible for answering customer or beneficiary questions at the death of an IRA owner would greatly benefit from this fact-filled Webinar. In addition, those who process the reporting on death distributions would gain a wealth of knowledge - including CSRs, Operations, Trainers and Compliance.

Patrice Konarik

Instructor Bio

Patrice M Konarik is president of Sunwest Training Corp founded almost 30 years ago and located in the Texas Hill Country near San Antonio. With over 40 years of experience in the financial industry, Patrice has focused her expertise on the retirement account area. After 28 years on the road providing live training nationwide, she now concentrates on providing informational IRA and HSA webinars through OnCourse Learning. She has a B.S. in Management Science from New York’s Binghamton University and previously held her Certified Financial Planner designation for 23 years.