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IRAs From Start to Finish - Part 3: Distributions to Owners and Beneficiaries

IRA Distributions to owners and beneficiaries will make even the most seasoned IRA expert a little insecure. Just when you think you’ve got it, they change it. The last four years have produced the most substantial changes to IRAs in over 20 years. What's the latest?

OnDemand
Recorded Thursday,
October 10th, 2024
Presented by Patrice Konarik
2h total length
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • General Compliance
  • IRAs
  • Reporting
  • Teller
  • Trusts
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Private Banker
  • Teller
  • Training Manager
  • Trainer
  • Trust Officer

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IRA Distributions are the subject that breeds the most questions. There have been three different ages in the last five years determining when IRA owners must begin mandatory distributions from their IRAs. It’s been difficult to explain the difference between when the new regulation becomes “effective” vs. when the regulation will actually “affect” an IRA owner.

In addition, the original SECURE Act 2020 eliminated the “stretch payout” for most non-spouse beneficiaries but left a big gap in the understanding of when the beneficiary has to actually start mandatory distributions. Here we are several years later, still waiting for the Proposed Regulations of 2022 to be finalized by the IRS so we can clarify the rules to the beneficiaries.

What You'll Learn

  • When are we required to have the customer sign a W-4R Federal Withholding Election?
  • What is the difference between a Required Beginning Year (RBY) and a Required Beginning Date (RBD)?
  • What are the required notices we must produce when a customer is in RMD status?
  • What is a Qualified Charitable Distribution and how is it reported to the IRS?
  • What are the three categories of beneficiaries to determine payout options available?
  • How do we report payments to beneficiaries to the IRS?
  • What are nine red flags of beneficiary payouts?
  • When do beneficiaries have to begin payout the year after the owner’s death?
  • What is a “successor beneficiary” and what payout options do they have?

Who Should Attend

Anyone involved in IRAs (whether new or experienced) will benefit from this highly informational 2-hour class. There will be a summary of the differences between the SECURE Act of 2020, the Proposed Regulations of 2022, and the SECURE Act 2.0 in 2023. Each beneficiary payout option will be thoroughly discussed.

Patrice Konarik

Instructor Bio

Patrice M Konarik is president of Sunwest Training Corp founded almost 30 years ago and located in the Texas Hill Country near San Antonio. With over 40 years of experience in the financial industry, Patrice has focused her expertise on the retirement account area. After 28 years on the road providing live training nationwide, she now concentrates on providing informational IRA and HSA webinars through OnCourse Learning. She has a B.S. in Management Science from New York’s Binghamton University and previously held her Certified Financial Planner designation for 23 years.

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