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IRA Training
January 11, 2012 -
IRA Essentials
9:00 a.m. to 4:30 p.m.
January 12, 2012 -
IRA Advanced
9:00 a.m. to 4:30 p.m.
Sign-in for both days is from 8:30 a.m. to 9:00 a.m.
IRA Essentials gives attendees a solid foundation of IRA knowledge. Exercises throughout the day will help participants apply real-world information to job-related situations. Attendees will leave this session able to work with IRA owners and process basic IRA transactions with confidence. This is a beginner session; no previous IRA knowledge is assumed. Those attending should bring a hand-held calculator.
Program Agenda for IRA Essentials
- Introduction to IRAs: Explaining the benefits of an IRA and identifying the tax differences between Traditional and Roth IRAs.
- Establishing an IRA: Examining the process for establishing an IRA and the required documents. Differentiating between the types of beneficiaries.
- Funding: Learn about the Traditional and Roth IRA eligibility requirements. Identifying the contribution limit and deadline. Ensuring accurate contribution reporting
- IRA Distributions: Distinguishing the possible taxes on IRA distributions. Computing federal tax withholding and determine when state withholding applies. Identifying IRS penalties and their exceptions, and ensure accurate distribution reporting.
- Portability: Identifying the differences between a rollover and a transfer. Facilitating rollovers between IRAs and employer-sponsored retirement plans. Ensuring accurate reporting.
- Tax Reporting: Outline IRA reporting deadlines.
Beyond Essentials builds on the learner’s knowledge of IRA basics to help them address some of the more complex IRA issues they handle at the credit union. This is an advanced session; previous IRA knowledge is assumed. The trainer will utilize real-world exercises to help participants apply information to job-related situations. Those attending should bring a hand-held calculator.
Program Agenda for Beyond Essentials
- IRA Benefits: Identifying the tax advantages of the Traditional and Roth IRAs.
- IRA Tax Reporting and Withholding: Analyzing the IRS Form 5498 and 1099-R tax statements. Describe the withholding requirements on both a federal and state level
- IRA Transactions: Identify different types of contributions that can be made to Traditional and Roth IRAs, such as rollover contributions, including the automatic waiver of the 60-day rule, and Traditional IRA-to-Roth IRA conversions. List how and when these contributions are reported to the IRA owner and the IRS. Discuss tax consequences of distributions from Traditional and Roth IRAs. Define an excess contribution, as well as a re-characterization. Analyze the requirements for reporting distributions to the IRA owner and the IRS.
- Required Minimum Distributions: Define the required beginning date (RBD). Differentiate when to use the Uniform Lifetime Table and the Joint Life Expectancy Table. Review the tax reporting requirements for required minimum distributions (RMDs).
- Processing an IRA Death Claim: Examine the steps involved in the death claim process.
NOTE: THIS PROGRAM IS NOT INTENDED TO GIVE LEGAL OR TAX-RELATED ADVICE.
Please fill out a separate line
for each participant. Submit additional registration forms as needed.
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