IRA Transfers and Rollovers - What's the Difference?

HUGE Difference!! One of the most incorrectly reported transactions is the movement of funds from a Qualified Employer Plan to an IRA and from an IRA to an IRA. The result is the IRA members getting "love" letters from the IRS with huge bills attached stating they owe thousands of dollars in taxes on an IRA transaction. In fact, they may owe nothing. It usually involves a financial institution's reporting error on either the distribution or contribution side – or both. While the terms "rollover" and "transfer" are sometimes used interchangeably in the retirement industry, the actual coding and reporting of these transactions should not always be tied to the verbiage, but to the transaction itself. This the 2nd Webinar in a series of three 1-hour Webinars.

Program Content:

  • Ask questions! Qualify the money!
  • When to use which IRA Forms
  • When to verify transactions with the other institution
  • Determining if the member has "access" to the funds
  • Fund movement between employer plans to IRAs and IRAs to IRAs
  • Most importantly...How to correctly code the transactions above to the IRS

Who Should Attend?

Member Services Representatives, Certificate of Deposit Personnel, Savings Counselors and Supervisors 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 review of the basics and forms.