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IRAs Part 2 - Rollovers and Transfers 2023

Two of the most misused and abused words in the IRA world are "Rollover" and "Transfer" when moving money from IRA to IRA and from a Qualified Employer Plan to an IRA. While you may think the words are interchangeable, how these movements are reported to the IRS is as different as night and day.

OnDemand
Recorded Thursday,
October 5th, 2023
Presented by Patrice Konarik
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

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

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One of the biggest sources of IRA customers getting letters and bills from the IRS is because of the misreporting of rollovers vs. transfers. This problem has existed for over 40 years and it's not rocket science! The most important aspect of moving money from IRA to IRA or QP to IRA is that both the sending side and the receiving side have to code the transaction pretty much the same. When one bank codes it as a distribution and other bank code it as a transfer credit, the IRS computers explode and send out letters and bills to the customer. Many banks think they can make up their own definition of a rollover vs a transfer, but the IRS is clear in the rules and regulations when the moving of IRA funds is reported to the IRS and when it is not reported.

What You'll Learn

  • What are the 3 most important questions when moving funds between retirement accounts?
  • How do you determine the type of issuing plan?
  • What happens when a transfer is coded as a rollover or a rollover is coded as a transfer?
  • How do we correct our IRS reporting mistakes?
  • When would the bank ever code a distribution as a rollover debit?
  • What's the difference between a rollover and a conversion?
  • What are the rules on how many times an IRA can be moved as a rollover in a 12 month period?

Who Should Attend

Whether you are a rookie or an experienced IRA 'expert', this 2-hour webinar will break down the importance of knowing the difference and how to train your personnel regarding what questions to ask when sending and receiving money.

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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