IRA Essentials gives attendees a solid foundation of IRS 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 beginning session; no previous IRA knowledge is assumed.
Course Topics May Include
Introduction and Establishing IRAs
Identify the tax advantages of Traditional and Roth IRAs
Summarize the IRA opening documents requirements
Explain the difference between primary and contingent beneficiaries
IRA Funding
Compare and contrast Traditions and Roth IRA eligibility requirements.
Explain the regular contribution limit
Distinguish the regular contribution deadline
Discuss the regular contribution
State the rules for prior-year contributions
IRA Distributions
Identify federal income tax withholding requirements
Recognize the exceptions to the early distribution penalty tex
Summarize the tax consequences of Traditioni and ROth IRS distribution
Define a required minimum distribution (RMD) and the required beginning date (RBD)
Discuss the distribution reporting deadlines
IRA Portability
Differentiate between a rollover and a transfer
Distinguish between direct and indirect 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 update, general refresher on IRA rules