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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.

OnDemand
Recorded Thursday,
September 16th, 2021
Presented by Patrice Konarik
2.5 CEU Credits
$279.00 or 1 Token

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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One of the most misused and abused language in the IRA World is using the words "rollover" and "transfer" interchangeably. Not only that, it is also one the most frequent mistakes financial institutions make when reporting these transactions to the IRS resulting in unnecessary bills sent to bank customers.

Rollovers and Transfers have been confusing to IRA administrators since their inception. Financial institutions think they can make up their own policies, rules and definitions on what they will call a "rollover" vs. a "transfer". That's not the way this works. The IRS has very clear definitions on the difference between these two movements of IRA money. Everyone must understand these rules so the debit side reporting matches the credit side reporting and cancels out the taxability of the transaction. It's not rocket science. It's a 3-piece puzzle with clear answers.

Covered Topics

  • 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.

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


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