This IRA training course explains the regulations that govern IRA contributions; distribution rules; and IRA-to-IRA rollovers, IRA-to-IRA transfers, and direct rollovers (see complete description below).
Estimated time to complete: 30-90 minutes
Course Description and Audience
This online IRA course is self-paced and does not include instructor facilitation.
Part 1: IRA Contributions
This IRA training course explains the regulations that govern IRA contributions. This includes traditional IRA contributions, Roth IRA contributions, rollovers, transfers, excess contributions, re-characterizations, and conversions.
Objectives:
- Explain the regulations, deadlines, and reporting requirements for traditional and Roth IRA contributions.
- Describe the rules regarding rollovers, transfers, excess contributions, unwanted contributions, conversions, re-characterizations, and re-conversions.
Part 2: IRA Distributions
This training course focuses on IRA distribution rules, beginning with basic IRA distribution information and, in addition, covering distribution documentation and reporting as well as the responsibilities of IRA owners and financial organizations serving as IRA custodians/trustees. There are several types of IRA distributions, each with unique rules and reporting requirements. An IRA owner and his or her IRA custodian/trustee share the responsibility for compliance with IRA distribution rules and reporting requirements. This course presents the different IRA distribution types and the appropriate documentation and IRS reporting requirements for each.
Note: This course examines distributions from traditional IRAs and Roth IRAs. The rules for Savings Incentive Match Plans for Employees of Small Employers (SIMPLE) IRA distributions essentially mirror the traditional IRA rules. Throughout the course, unless specifically noted, IRA means a traditional, Roth, or SIMPLE IRA.
Objectives:
- Discuss the basic IRA distribution rules.
- List exceptions to the penalty tax for early withdrawals.
- Explain federal income tax withholding on IRA distributions.
- Explain the Roth IRA distribution rules.
- Describe the methods for correcting excess contributions.
- Discuss IRA revocations, conversions, re-characterizations, and re-conversions.
- Define the effects of disability, death, and divorce on IRA distributions.
Part 3: IRA Rollovers, Transfers, and Direct Rollovers
This training course explains the process, regulations, and required reporting for IRA-to-IRA rollovers, IRA-to-IRA transfers, and direct rollovers to and from qualified employer plans.
Objectives:
- List the reasons an IRA owner would want to move assets.
- Explain the IRA-to-IRA transfer process.
- Recall the rules for IRA-to-IRA rollovers.
- Describe how to move funds from qualified employer plans to IRAs.
- Discuss how to move funds from IRAs to qualified employer plans.
Diploma and Certificate Applications
Diplomas and Certificates Applicable to the IRA Overview course: