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IRAs Part 3 - Distributions to IRA Owners and Beneficiaries 2023

The last three years have brought some of the most significant changes for distributions to IRA owners and beneficiaries as we've seen in the last 20 years - including the most recent IRS Notice 2023-54. When owners and beneficiaries do not take their required distribution in a timely manner, it results in IRS penalties. There are easy steps to address these distribution issues.

OnDemand
Recorded Thursday,
October 19th, 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
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Teller
  • Trainer
  • Trust Officer

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The IRS has increased the required beginning age for IRA owners to begin distributions twice in the last 3 years. Every time this happens, it creates a huge dilemma and opens the door for various interpretations of the new rules - many of which are incorrect. We will address by birth year who is eligible to postpone distributions to the increased ages. Also, what happens if an IRA owner who turned 72 this year mistakenly took an RMD when they were not required to?

And then there are the beneficiaries...The three categories of beneficiaries identified in the SECURE Act of 2020 have different payout options at the death of the owner. The problem is that the IRS has changed their minds 3 times since this act was signed into law and then postponed the implementation of the proposed regulations twice. This also leads to a treasure chest of bad information and interpretation to the general public.

What You'll Learn

  • Who can wait until age 73 to start RMDs from IRAs?
  • When does the RMD age increase to age 75?
  • How to process 'mischaracterized' RMDs that were taken by someone who turned 72 this year?
  • What are the payout options for non-spouse beneficiaries depending on the IRA owner's RMD status at death?
  • When does a successor beneficiary get their own 10-year payout period?
  • Federal Withholding requirements - W-4R vs. W-4P?"

Who Should Attend

Anyone who is remotely involved with IRAs and answering client's questions on the old and new IRA distribution rules - especially to beneficiaries. Customer service reps, financial and estate planners, IRA operations department, tellers, call centers and frontline personnel would all benefit from this informative Webinar.

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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