In this two-hour interactive workshop, you will learn what forms to use for which type of plan, as well as what box to check for the current transactions. The first hour will be basic information about the forms in general and the IRA plan types. After that, the class will be broken into several virtual break-out sessions, and you will be given some scenarios and exercises to complete.
The instructor will virtually enter each group to check on the progress and answer any questions. After the examples are completed, we will join together and go over the answers to the scenarios.
We will be using generic form examples in the presentation. It is highly recommended you have your own forms available for the workshop break-out sessions in order to customize them to your financial institution including:
- Applications for Traditional, Roth, Inherited Traditional, and Inherited Roth IRAs
- Contribution Forms
- Distribution Forms
- Rollover Review or Certification forms
- Direct Rollover vs. Transfer Request Form
- Beneficiary Election Forms
What You’ll Learn
- When do we complete a new plan document vs. when do we use supplemental forms for an existing customer?
- What are the three questions that must be asked before taking in a Rollover Deposit?
- When do you use the Direct Rollover Request vs. the IRA Transfer Request Forms?
- What is the coding difference between an IRA Rollover and an IRA Transfer?
- How do we title an Inherited IRA?
- What are the requirements on completing a Spousal Consent on the IRA Beneficiary Designation?
- What codes do we use on distributions prior to age 59.5 for penalty exceptions?
Who Should Attend
This session is ideal for any employee involved in opening or processing IRAs, from beginners to experienced personnel.