Whether you attend day 1, day 2, or both days, you will gain a sense of confidence when it comes to understanding and processing IRA transactions. If you attend either day, you will be provided an electronic copy of the full “IRA Training and Reference Manual” (aka the “Red Book”), which will be referenced throughout the class.
We highly recommend you have this available during the training session to follow along and find the information as needed after the class. There are plenty of cheat-sheets (or quick reference charts) contained in the book to use as aids. This same book will be used for both days.
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.
The top 20 terms of IRAs
Traditional IRA contribution limits and income limits for deductions
Roth IRA contribution eligibility and when is the interest really tax-free?
How do we report regular contributions for the prior year made after April 15 due to federal disasters
What are the rules for moving Traditional IRAs into Roth IRAs?
Simplified Employee Pension Plans (SEP) IRAs and should the institution offer them?
What are the basic comparisons between a SEP IRA and a SIMPLE IRA?
IRAs: Beyond the Basics – All-Day Streaming
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.
What is the difference between a QP direct rollover and an IRA transfer?
What are the rules for rolling over a 529 plan to a Roth IRA?
When do we use the “rollover” term from IRA to IRA?
What are the new exceptions to the 10% penalty for IRA distributions taken prior to age 59.5 and how do we report them?
When the IRA owner died after 2019 and was in RMD status, does the beneficiary still get to take optional distributions the first nine years?
What are the nine red flags of beneficiary payouts?
What are the options for paying out to a trust beneficiary?
Who Should Attend
This session is ideal for anyone who is very new to IRAs, including customer service reps, call center employees, tellers, and trust and investment department personnel. In addition, any experienced IRA representatives who would like a review of the latest retirement account information, including cost-of-living adjustments will also find value in this session.
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