• Review of top terminology of IRAs
• Basic Forms Required To Open, Close, Move and Maintain IRAs (have your own IRA forms - including application, contribution and distribution forms - available during the webinar)
• Qualifications, 2021 Contribution Limits and Deadlines for:
• Traditional IRAs
• Regular Roth and Conversion Roth (IRS codes and reporting)
• Simplified Employee Pension Plan – SEP IRA

It is recommended you have a copy of your IRA application, contribution and distribution forms as well as the Rollover Review/Certification for examples to use during the sessions.

• 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 2 of a 4-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.

IRA Beneficiaries

• Basic difference between primary and contingent beneficiaries
• Naming an estate or trust as a beneficiary

• 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
• The three new categories of beneficiaries to determine payout options
• Discussion of beneficiary payout options when the owner died pre-2020, beginning in 2020 and successor beneficiary options.
• Setting up the Inherited IRA and documentation requirements

This is part 3 of a 4-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 bring a sample of the IRA forms your bank is currently using for your review during the session including: IRA Distribution forms, Annuals Notices and any other forms you may have questions on.

• 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
• 2022 IRA Cost of Living Adjustments

This is part 4 of a 4-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 bring a sample of the IRA forms your financial institution is currently using for your review during the session including: IRA Distribution forms, Annuals Notices and any other forms you may have questions on – including a copy of the 1099-R and 5498 forms you are using