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IRAs Part 3: Distributions, Beneficiaries and Reporting

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

OnDemand
Recorded Tuesday,
September 28th, 2021
Presented by Patrice Konarik
2 CEU Credits
$195.00 or 1 Token

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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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.

Learn caption

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.


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