IRAs Part 3: Distributions, Beneficiaries and Reporting

Part 3 of the IRA Series

The beginning of 2020 began with the implementation of some of the most major changes to IRA Distributions and Beneficiaries and we have had in almost 20 years. There were a couple of changes that were beneficial to IRA owners, but the beneficiaries took a big hit with the changes by accelerating the beneficiary payout options resulting in possible higher taxes paid. There are still many questions regarding these payout options and we are also waiting for some guidance from the IRS on the more complicated areas of death payouts to trusts.

Covered Topics

IRA Beneficiaries:

  • Basic difference between primary and contingent (secondary) beneficiaries
  • Naming an estate or trust as a beneficiary

IRA Distributions:

  • IRS penalty exceptions prior to age 59½ and the proper IRS coding
  • Required Annual Notifications for RMDs and Withholding
  • The NINE red flags of beneficiary payouts – including reporting pitfalls
  • The three new categories of beneficiaries to determine payout options
  • Discussion of beneficiary payout options when the owner died pre-2020, beginning in 2020 and successor beneficiary options.
  • Setting up the Inherited IRA and documentation requirements

This is part three of a four-part series. You can attend all the sessions to obtain the most comprehensive information or any part in the series independently.

You are encouraged to bring a sample of the IRA forms your bank is currently using for your review during the session including: IRA Distribution forms, Annuals Notices and any other forms you may have questions on.

Who Should Attend?

This is a crucial Webinar for anyone even remotely involved in IRAs including, frontline, back office, call center, investment department, and member services personnel will benefit greatly from the thorough discussions of the more complicated aspects of the IRA world. The content is at the intermediate to advanced level with a minimum of two years’ experience recommended. It is assumed that participants have a working knowledge of IRAs.