As we continue our journey down the mountain, we come to the most abused terminology in IRAs. Everyone knows you can only do one rollover per “IRA” in a 12 month period – right? But, what’s the definition of an “IRA” – An IRA account? - An IRA plan? - An IRA plan type? The actual verbiage on this has always been a little gray and subject to interpretation. In a landslide, mind-blowing court case, the whole rollover world has been turned upside down. Big changes and clarifications regarding rollovers were effective January 2015. As you can see below, this is a jam-packed informational Webinar. And in August 2016, there were even more changes regarding “self-certification” of rollovers occurring beyond the 60 day period and financial institutions still being able to accept them.
This program is Part 2 of a 3 Part Series. For more information and series pricing, Click Here.
- Why is it important to QUALIFY the money coming into the financial institution?
- What are the three questions that should be verified?
- What is the IRS definition of an IRA for rollover qualification purposes?
- What happens if an IRA accountholder exceeds the once-per-12-month rule?
- What are the exceptions for the 60 day time period where the customer can “self-certify” the rollover is still allowed?
- What are the alternatives to moving money from IRA to IRA if not a “rollover”?
- Which IRA Forms are used and how is the movement reported to the IRS?
- When does the financial institution have to verify transactions with the other institution?
- What’s the difference between an IRA Transfer, an IRA Rollover and a Qualified Plan Rollover?
- Moving money from a Traditional to a Roth or QP to a Roth – Conversion vs. Rollover?
- What is a Recharacterization between plan types?
- Most importantly…How do we correctly code the transactions above to the IRS?
You are encouraged to have a sample of the IRA forms your Credit Union is currently using for your review during the session including: IRA Contribution forms, Distribution Forms and Rollover Review/Certification Forms.
Who Should Attend?This is the Part II in a three-part series and is a “must-attend” Webinar for anyone - even remotely - involved in IRAs including, frontline, back office, call center, investment department, and trust department personnel.
Please note: This site employs features that may cause unexpected behavior in older versions of Internet Explorer. If you experience a problem, try refreshing your screen. If this doesn't solve the problem, click on this link.
You may contact us by using the Online Chat button below.