Seminar Schedule:
8:00 – 8:30 a.m. – Registration/Continental Breakfast
12:00 – 1:00 p.m. – Lunch on your own
4:45 – Seminar concludes
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 of 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.
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
- Discuss the current Roth modified adjusted gross income (MAGI) limits
- 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
Beneficiary Options
- Describe beneficiary distribution options
- Recognize the differences for spouse, nonspouse, and nonperson beneficiaries
- Explain beneficiary payment deadlines
Advanced Portability
- Summarize the restrictions on the movement between IRAs
- Recognize the options available when moving from an employer-sponsored retirement plan to an IRA
- Explain the result of violating the portability restrictions
Roth IRA Conversion Contributions
- Describe a conversion
- Explain the effect of withholding on a conversion
- Report a conversion
- Define the consequences of an ineligible conversion
Withholding and Getting It Right
- List the possible penalties for failing to withhold
- Explain the withholding notice and election requirements
- Discuss how withholding is reported and transmitted to the IRS
- Describe foreign withholding requirements
Who Should Attend?
You should attend this seminar if you
- 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.