This is a rebroadcast of a session that was recorded in January 2017.
When you register for this webinar, you will receive a complimentary 5–part ToolKit, which includes the following items:
- = (1) 2017 Form 1099-R
- = (2) 2017 Form 5498
- = (3) 2017 Instructions for Forms 1099-R and 5498 (23-page Guide)
- = (4) IRS Publication 590-A: Contributions to Individual IRAs- For Use in Preparing Returns (62-page Guidance)
- = (5) IRS Publication 590-B: Distributions from IRAs- For Use in Preparing Returns (60-page Guidance)
With regards to IRAs, your account holders or members are often unfamiliar with reporting requirements, the various types of distributions, the rules at death, the IRA penalties (and exceptions thereof!), the procedures for requesting extensions…. as well as many other IRA issues!
Your institution needs to attend this webinar because IRA reporting requirements are constantly changing and your FI is responsible for understanding and complying with the newest reporting rules. If reporting is done improperly, your bank or credit union could cause an undue tax event or penalty for your account holder or member.
Customers and members frequently ask, "How can I avoid paying taxes on this money?" Or, alternatively, "How much money will I have to pay in taxes?" After attending this session, you will understand the requirements, restrictions, and tax implications related to IRA issues. You will be able to identify the opportunities for clients who are rolling over a mix of pretax and after-tax money from their 401(k) plans. You will be able to code and report various types of distributions, including premature and normal distributions, from the Traditional IRA. You will understand the withholding requirements for both Traditional and Roth IRA distributions. You will be able to describe when and how money should be withdrawn from both Traditional and Roth IRAs.
= Review Required Minimum Distribution (RMD) Statements, Fair Market Value (FMV) Statements, and Account Statements
= IRA Withholding and Reporting Requirements. Learn to Recall Deadlines for Required Reporting; Discuss RMD Reporting Responsibilities. Understand the Withholding Requirements for Both Traditional and Roth IRA Distributions. Accurately Report Traditional and Roth IRA Distributions
= IRS Tax Levies. Describe and List Tax Benefits of an IRA
= Penalties That May Apply for Improper Reporting. Explain the Early Distribution Penalty Tax and the Premature Distribution Exceptions
= Identify the Methods of Moving Assets Between IRAs and Between Employer-Sponsored Retirement Plans and IRAs
= Discuss Distributions. This Includes Normal Distributions Over Age 59 ½; and, Calculating Distributions Over Age 70 ½
= What is the “required beginning date”
= Life expectancy payouts
= Death Distributions. Compare the Methods for Deceased IRA Owner Reporting. Evaluate Succession Planning for Your IRA Program.
Who Should Attend?
This webinar will benefit all IRA administrators, personal bankers, trust offers, customer service representatives and those selling or discussing these products with their customers or members.