You might be pretty sure you know the difference between an IRA Rollover vs. an IRA Transfer vs. a QP Direct and Indirect Rollover. But the “rollover” and “transfer” words are two of the most misused and abused terms in the IRA world. Not knowing the difference leads to misreporting to the IRS, which can result in unnecessary letters and bills to the customers.

Now that we have tackled the IRA Basics, it’s time to delve into the more complicated aspects of IRA administration. These are the areas that may trigger an IRA letter and tax bill to the accountholder if the transactions are not reported correctly. This session will also explain in detail the payout options to beneficiaries according to the new rules finalized last year.

Building your knowledge of the IRA Basics is essential to understanding the more sophisticated areas of IRAs down the road. In the Day 1 Basic Essentials, you will start to raise your confidence level regarding terminology, forms and IRA plan types. This will give you the foundation for your climb towards success.

In order to process and administer IRA accounts correctly, it is extremely important to build a foundation of the basic knowledge and then grow your level of expertise from there. Even when you think you are almost an ‘expert’, the IRS will pass another regulation that will change the whole scope of the retirement account industry.

The only way to truly understand IRAs is to start at the beginning and build up your knowledge and expertise from there. Even the more advanced IRA “experts” find they learn new things that would otherwise be considered “basic” knowledge. The reason is that IRAs are constantly changing and evolving.

Health savings accounts have been in existence for over 20 years now. In order to keep insurance premiums lower, many people are choosing to have a High Deductible Health Plan to minimize costs.

Whether you are opening a new IRA plan, contributing to an existing plan, moving a plan, or taking an IRA distribution, it always seems like there are too many forms that need to be completed and filed. Then comes the insecurity about using the right forms and/or checking the correct boxes on the forms for the IRA transaction that we are trying to finish.

Death Payments to Beneficiaries have always been the most challenging area when it comes to IRA distributions. There are many questions that must be asked and answered before you can explain the options available. In this interactive workshop, you will learn the most important information needed to solve the more complicated scenarios.

While the financial institution may be completing several forms when establishing IRA plans and documenting IRA transactions, there are only two forms that are submitted to the IRS to report the distribution and contribution activity: the 1099-R and the 5498.