IRA Basic Issues
Tuesday, August 16th
On the first day of this 2-day Live Stream training, we will build the foundation for IRA information including reviewing the most common-used terminology and the required forms for opening, closing and moving IRAs – including the different types of beneficiary designations. Then we will cover the IRA plan types and their rules and regulations for a Traditional IRA, Roth IRA, and Simplified Employee Pension Plan (SEP IRA).
What You’ll Learn
- IRA Terminology – Top 20 Terms
- Explanation of IRA Forms – Not Forms Specific – (Please have your own forms available including Application,
- Contribution form, Distribution, Rollover Review or Certification and any other commonly used forms)
- Beneficiary Designations including Primary and Contingent
- Qualifications, 2022 Contribution, Income Phase-out limits, Age Limits and other new regulations for a:
- Traditional IRA
- Roth and Conversion Roth
- SEP IRAs contributions and IRS reporting
- Differences between “postponed” and “repayment” contributions.
IRA Advanced Issues
Wednesday, August 17th
On the second day, you will better learn and comprehend the complicated areas of Rollovers and Transfers, and IRA Distributions to owners and beneficiaries and IRS reporting. This will result in a better picture of this confusing topic incorporating the new rules as part of the SECURE effective 2020, as well as the proposed regulations released in February 2022 and expected to take effect this year, changing beneficiary payout options – again!
- What You’ll Learn
Updated legislative regulations on IRAs as the result of the SECURE 1.0 and 2.0 and the 2022 Cost of Living Adjustments
- QP Rollovers and IRA Rollovers and Transfers
- Distributions to Owners and Beneficiaries
- New rules on Federal Income Tax Withholding
- Before age 59½ – reporting the penalty exceptions
- RMDs at age 72 – including mandatory notices
- 9 Biggest Mistakes of IRA Beneficiary Payouts
- Rules on new proposed rules on nonspouse beneficiary payout requirements beginning in 2022
- Overview and Explanation of IRS Reporting Requirements
On Day 2, you will better-learn and comprehend the complicated areas of Rollovers and Transfers, and IRA Distributions to owners and beneficiaries and IRS reporting. This will result in a better picture of this confusing topic incorporating the new rules as part of the SECURE effective 2020, as well as the proposed regulations released in February 2022 and expected to take effect this year, changing beneficiary payout options – again!
Who Should Attend
Everyone even remotely involved in IRAs at your financial institution including: New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Accountholder Service Representatives, Investment and Trust Personnel who need this update and are involved in the opening, selling, marketing, or administration of IRAs. Any officer/manager who “oversees” the IRA department and may be responsible for answering IRA accountholders questions or concerns but does not actually open IRA accounts. Experienced IRA Personnel who like a slower pace workshop to cover all the new changes in a comprehensive manner.