Keeping Up With the Evolving World of IRAs – Basics and Advanced
Have you ever noticed sometimes when the IRA Guru leaves the financial institution it is without notice or training for a replacement??!! On the first day of training, you feel like someone dropped you on the top of a mountain and told you to find your own way down. In other words, you have NO IDEA where to go or what they are talking about. Everything just sounds alien to you. It’s true. IRAs are a different world from the other accounts at your bank. Oh, they may look similar, but the rules, regulations and IRS reporting build the complications to the point where you feel like you are on falling off of a cliff!! And, just when you finally find your footing, they change the rules again!
While it may take years to build a confidence level where you can answer almost any question thrown your way, the goal of these two days is to raise your comfort level if you are a rookie and to reinforce your knowledge if you have a higher level of experience. You will also receive your favorite “tool” – the 250-page 2018-2019 Sunwest Training Corp’s IRA Training and Reference Manual – which is not only full of easy-to-follow IRA information, but also lots of “Cheat Sheets” and “Quick Reference Tools” to get you through your day-to-day tasks of dealing with your IRA customers.
This intensive 2-day format will help you pull it all together by helping you learn the following:
1. Understanding the Top 20 Basic Terms of IRAs.
2. Next we will review the most commonly used forms to create and complete IRA transactions.
Since this is not vendor-form-specific, please bring a copy of your bank’s IRA Application form, Contribution Form, Distribution Form and Rollover Review or Rollover Certification Form as well as any other forms you may have questions on.
3. As the day goes on, you will pick up knowledge of the IRA plan types, Traditional, Roth and SEP.
4. On the second day of our hike, we will nail down the use of the proper terminology of “Rollover” vs. “Transfer” when moving money from an employer plan to an IRA and from an IRA to an IRA – and the consequences if we don’t know the difference.
5. Health Savings Accounts – What’s our job and what’s the customer’s responsibility?
6. NEW How to report “late” or “tardy” rollovers on the 2018 5498.
7. And finally, you will better-learn and comprehend the complicated areas of IRA Distributions to owners and beneficiaries and IRS reporting, resulting in a better picture of this complicated topic.
Whether you are looking to gain basic knowledge of IRAs, raise your comfort level or sharpen your skills with the most up-to-date rules and regulations, this two day format will cover everything!
Day 1: IRA Basic Issues (to register for Day 1 only, click here)
- IRA Terminology – Top 20 Terms
- Explanation of IRA Forms (Not Forms Specific – (Please bring your own forms including Application, Contribution form, Distribution, Rollover Review or Certification and any other commonly used forms)
- Beneficiary Designations including Primary and Contingent, Trusts and Estates
- Qualifications, New 2019 Contribution Limits and other new regulations for a:
- Traditional IRA
- Roth and Conversion Roth
- SEP IRAs contributions and IRS reporting
Day 2: IRA Intermediate/Advanced Issues (to register for Day 2 only, click here)
- Updated legislative regulations on IRAs as the result of the Tax Cuts and Jobs Act that was passed in December of 2017 and all 2019 Cost of Living Adjustments.
- Health Savings Accounts – overview and clarifying responsibility
- Qualified Plan Rollovers to a Traditional or Roth IRA – 6 Red Flags
- Direct vs. Indirect
- IRA to IRA Indirect Rollovers and Direct Transfers – Once-per-12-month rule clarifications and recent rules on 60 day exceptions and reporting
- Federal Income Tax Withholding
- Before age 59½
- At age 70½ including mandatory notices
- 9 Biggest Mistakes of IRA Beneficiary Payouts
- Overview and Explanation of IRS Reporting Requirements
Each day can be attended independently but for the most comprehensive understanding of the issues from A-Z, attending both days is recommended. The same book will be used for both days.
Who Should Attend?
New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Accountholder Service Representatives, Investment and Trust Personnel who are newly involved in the opening, selling, marketing, or administration of IRAs. Any officer/manager who “oversees” the IRA department and may be responsible for answering IRA accountholders questions or concerns but does not actually open IRA accounts. Experienced IRA Personnel who like a slower pace workshop to cover all the new changes in a comprehensive manner.
Patrice M. Konarik is president of Sunwest Training Corp. founded 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 30 years in the financial industry, Patrice has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.