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IRAs: 4 Part Series

Attend this series to understand everything you need to know about IRAs including rollovers, transfers, distributions and beneficiaries, and auditing.

OnDemand
September 1, 2021
September 10, 2021
September 28, 2021
October 22, 2021
Presented by Patrice Konarik
1h 30m total length
8 CEU Credits
$705.00 or 4 Tokens

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • IRAs
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Teller
  • Trainer

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Series Details

IRAs Part 1: Understanding the Basics

This 90 minutes Webinar will help you build the foundation of understanding IRAs by supplying you with the tools to dive into the IRA world.

  • Review of top terminology of IRAs
  • Basic Forms Required To Open, Close, Move and Maintain IRAs (have your own IRA forms - including application, contribution and distribution forms - available during the webinar)
  • Qualifications, 2021 Contribution Limits and Deadlines for:
    • Traditional IRAs
    • Regular Roth and Conversion Roth (IRS codes and reporting)

This is part one 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 have a sample of the IRA forms your credit union is currently using for your review during the session including: IRA Application, IRA Contribution forms, Distribution Forms and Rollover Review/Certification Forms.

IRAs Part 2: Rollovers vs. Transfer

Attend this program to understand the difference between rollovers and transfers.

  • 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 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?
  • 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?
  • Most importantly…How are the transactions above reported to the IRS?

This is part two 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 have a sample of the IRA forms your financial institution is currently using for your review during the session including: IRA Contribution forms, Distribution Forms and Rollover Review/Certification Forms.

IRAs Part 3: Distributions, Beneficiaries and Reporting

Attend this program to understand the complicated issues associated with distributions, beneficiaries, and reporting.

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.

IRAs Part 4: Auditing Your Files

Attend this program to understand what must be kept in the files, and learn how to avoid IRS penalties for incorrect IRA reporting. 

  • IRA forms to be kept on record by the financial institution and the accountholder’s required disclosures and forms
  • What are the IRA accountholder notices that must be sent out in a timely manner
  • How to audit the IRA department as far as expertise, form use, procedures and work flow
  • Line by line instructions on 5498 and 1099-R reporting – what’s required vs. what’s optional.
  • How and when to correct IRS reporting to avoid increased IRS fines to the credit union • The most common errors hiding in your IRA member files
  • Forms and tools for auditing your IRA files
  • 2022 IRA Cost of Living Adjustments

This is part four 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 financial institution is currently using for your review during the session including: IRA Distribution forms, Annuals Notices and any other forms you may have questions on – including a copy of the 1099-R and 5498 forms you are using.

Covered Topics

IRAs Part 1: Understanding the Basics – Wednesday, September 1st

This 90 minutes Webinar will help you build the foundation of understanding IRAs by supplying you with the tools to dive into the IRA world.

IRAs Part 2: Rollovers vs. Transfer  Wednesday, Friday, September 10th

One of the most misused and abused language in the IRA World is using the words "rollover" and "transfer" interchangeably. Not only that, it is also one the most frequent mistakes financial institutions make when reporting these transactions to the IRS resulting in unnecessary bills sent to credit union members.

IRAs Part 3: Distributions, Beneficiaries and Reporting Tuesday, September 28th

If you are searching for a Webinar where you will achieve that higher “comfort level” on these complicated topics, this Webinar is “must-attend”.

IRAs Part 4: Auditing Your Files Friday, October 22nd

If you do not want your credit union writing checks to the IRS for filing errors, this Webinar should be a true necessity.

Learn caption

New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Member Service Representatives or anyone who is newly involved in the opening, selling, marketing, or administration of IRAs. Any supervisor/manager who "oversees" the IRA department and may be responsible for answering IRA member’s questions or concerns but does not actually open IRA accounts. Experienced IRA trainers or personnel who like a review of the basics and forms.


Patrice Konarik

Instructor Bio

Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 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.


Credit Information

Recommended for 8 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.