Advance IRAs build on the attendees' basic IRA knowledge to address some of the more complex IRA issues that their financial organization 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
Complex Transactions
Understand a Roth conversion
Recognize a qualified Roth IRA distribution
Describe a qualified charitable distribution (QRD)
Explain health savings account funding distribution
Discuss 529 plan-to Roth Ira rollovers
Ira Excess Contributions
Define an excess contribution
Identify excess contribution correction methods
Describe a recharacterization
Explain the possible taxes and penalty taxes for excess contributions
Describe reporting for recess contribution and characterization
Required Minimum Distributions
Calculate a required minimum distribution (RMD)
Discuss the RMD rules
Explain the RMD reporting requirements
Beneficiary Options
Describe beneficiary distribution options when an IRA owner dies on or after January 1
Recognize the differences between the various beneficiary types
IRA Reporting
Identify die dates for IRA reporting
Recognize when an RMD statement is required
Understand when electronic filing of forms is required
Accurately report contributions, fair market values, and distributions to IRA owners, beneficiaries, and the IRS
Who Should Attend
You should attend this seminar if you are
IRA administrators, personal bankers, member services personnel who have a working knowledge of basic IRA operations and are looking to expand their expertise and enhance customer service, and financial professionals who recognize that IRAs play an integral role in retirement planning.
Compliance specialist with procedural oversight of IRA policies and practices or a support personnel responsible for promotional materials that describe the services provided by your financial organization.