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IRAs: 4 Part Series

Everything you need to know about IRAs in a four part webinar series.

OnDemand
September 2, 2021
September 16, 2021
October 15, 2021
October 28, 2021
Presented by Patrice Konarik
2h total length
10 CEU Credits
$1,049.00 or 4 Tokens

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • IRAs
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Private Banker
  • Teller
  • Trainer
  • Trust Officer

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This four part series includes the following webinars. Click each link for a complete description of what will be covered in each session. Each Webinar can also be purchased individually.

Series Details

IRAs Part 1 - The Basics

This 2 hour webinar will jump-start you into the world of IRAs. Understanding the basic terminology and forms will build your sturdy foundation.

  • 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.

IRAs Part 2 - Rollovers and Transfers

One of the most misused and abused language in the IRA World is using the words "rollover" and "transfer" interchangeably.

  • 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.

IRAs Part 3 - Distributions, Beneficiary Payout Options and Reporting

On January 1, 2020, the SECURE Act became effective with some of the most sweeping distribution changes we've had to IRAs since 2002. In addition, the life expectancy tables are being updated for 2021 distributions. Lots to catch up on!

IRA Beneficiaries

  • Basic difference between primary and contingent beneficiaries
  • Naming an estate or trust as a beneficiary
IRA Distributions includes:
  • 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.

IRAs Part 4 - Auditing Your IRA Files

After we have absorbed all the basic rules, it’s time to check everything we – and those who came before us – have done to the IRA files.

  • 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

Covered Topics

IRAs Part 1 - The Basics - Thursday, September 2nd, 2021
This webinar will jump-start you into the world of IRAs. Understanding the basic terminology and forms will build your sturdy foundation.

IRAs Part 2 - Rollovers and Transfers - Thursday, September 16th, 2021
One of the most misused and abused language in the IRA World is using the words "rollover" and "transfer" interchangeably.

IRAs Part 3 - Distributions, Beneficiary Payout Options and Reporting – Friday, October 15th, 2021
On January 1, 2020, the SECURE Act became effective with some of the most sweeping distribution changes we've had to IRAs since 2002. In addition, the life expectancy tables are being updated for 2021 distributions. Lots to catch up on!

IRAs Part 4 - Auditing Your IRA Files – Thursday, October 28th, 2021
After we have absorbed all the basic rules, it’s time to check everything we – and those who came before us – have done to the IRA files.

Who should attend

Anyone who works with IRAs in any capacity will benefit from this webinar series.

"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


Patrice Konarik

Instructor Bio

Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Patrice has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.


Credit Information

Recommended for 10 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.