Event Type : IRA Training

IRA Essentials

IRA Essentials gives attendees a solid foundation of IRA knowledge. Exercises are included throughout the day to help participants apply information to job-related situations. Attendees will leave this session able to work with IRA owners and process basic IRA transactions with confidence. This is a beginner’s session; no previous IRA knowledge is assumed. Attendees should bring a hand-held calculator.

Course Topics May Include:

Introduction and Establishing IRAs

• Identify the tax differences between a Traditional and Roth IRA

• Examine the process for establishing an IRA and the required documents

• Differentiate between the types of beneficiaries

IRA Funding

• Learn about the Traditional and Roth IRA eligibility requirements

• Identify the contribution limit and deadline

• Communicate contribution reporting deadlines

IRA Distributions

• Identify federal income tax withholding requirements

• Examine IRS penalties and penalty exceptions

• Summarize the tax consequences of IRA distributions

• Communicate distribution reporting deadlines

IRA Portability

• Differentiate between a rollover and a transfer

• Recognize rollovers between IRAs and employer-sponsored retirement plans

Who Should Attend? You should attend this seminar if you:

• Need to learn the basics of Traditional and Roth IRAs or

• Want an updated, general refresher on IRA rules.

The price is $299 per attendee

This class is a hybrid format. You can sign up to attend in person or online via Zoom. (A Zoom link will be provided at a later time)

Check-in begins at 8:30 am. Lunch will be served to in-person attendees.

Advanced IRAs

Advanced IRAs builds on the attendees’ basic IRA knowledge to address some of the more complex IRA issues that their financial organizations may handle. This is an advanced session; previous IRA knowledge is assumed. The instructor uses real-world exercises to help participants apply information to job-related situations.

Course Topics May Include:

IRA Update

• Explain recent changes affecting IRA owners

• Recognize how recent changes may affect your financial organization

Required Minimum Distributions

• Calculate a required minimum distribution (RMD)

• Discuss the RMD rules and reporting requirements

IRA Excess Contributions

• Define an excess contribution

• Identify excess contribution correction methods

• Calculate net income attributable (NIA) to an excess contribution

• Describe a recharacterization

• List the possible taxes and penalty taxes for excess contributions

Beneficiary Options

• Describe beneficiary distribution options when an IRA owner died before January 1, 2020, or dies on or after January 1, 2020

• Recognize the differences between the various beneficiary types

• Explain beneficiary payment deadlines

Advanced Portability

• Summarize the restrictions on the movement between IRAs

• Describe a conversion

• Explain the effect of withholding on a conversion

• Recognize the options available when moving from an employer-sponsored retirement plan to an IRA

• Explain the result of violating the portability and conversion restrictions

Who Should Attend?

• An IRA administrator, personal banker, or member services personnel who has a working knowledge of basic IRA operations and wishes to expand your expertise and provide enhanced customer service;

• A financial professional who recognizes that IRAs play an integral role in retirement planning;

• A compliance specialist with procedural oversight of IRA policies and practices; or

• Support personnel responsible for promotional materials that describe the services provided by your financial organization

 The price is $299 per attendee

This class is a hybrid format. You can sign up to attend in person or online via Zoom. (A Zoom link will be provided at a later time)

Check-in begins at 8:30 am. Lunch will be served to in-person attendees.