This intensive 2-day live-streaming format will help you pull it all together by helping you learn the following:

1. Understanding the Top 20 Basic Terms of IRAs.
2. Next we will review the most commonly used forms to create and complete IRA transactions. 
• Since this is not vendor-form-specific, please bring a copy of your bank’s IRA Application form, Contribution Form, Distribution Form and Rollover Review or Rollover Certification Form as well as any other forms you may have questions on.
3. As the day goes on, you will pick up knowledge of the IRA plan types with changes, Traditional, Roth and SEP.
4. On the second day of climbing, we will nail down the use of the proper terminology of "Rollover" vs. "Transfer" when moving money from an employer plan to an IRA and from an IRA to an IRA – and the consequences if we don’t know the difference.
5. Health Savings Accounts – What’s our job and what’s the customer’s responsibility?
6. NEW How to report late contributions for last year and repayments of money withdrawn due to Covid-related situations.
7. And finally, you will better-learn and comprehend the complicated areas of IRA Distributions to owners and new payout options for IRA beneficiaries and IRS reporting for late rollovers and repayments, resulting in a better picture of this complicated topic.

Whether you are looking to gain basic knowledge of IRAs, raise your comfort level or sharpen your skills with the most up-to-date rules and regulations, this two day format will cover everything!

Seminar Overview:

The agenda for each day is as follows:

Day 1:  IRA Basic Issues - Tuesday, August 25, 2020

• IRA Terminology – Top 20 Terms
• Explanation of IRA Forms (Not Forms Specific – (Please bring your own forms including Application, Contribution form, Distribution, Rollover Review or Certification and any other commonly used forms)
• Beneficiary Designations including Primary and Contingent, Trusts and Estates
• Qualifications, New 2020 Contribution Limits and other new regulations for a:
  • Traditional IRA
  • Roth and Conversion Roth
  • SEP IRAs contributions and IRS reporting

Day 2:  IRA Advanced Issues - Wednesday, August 26, 2020

• Updated legislative regulations on IRAs as the result of passed and enacted laws including the SECURE and CARES Act and the 2020 Cost of Living Adjustments
• Health Savings Accounts – overview and clarifying responsibility
• Qualified Plan Rollovers to a Traditional or Roth IRA – 6 Red Flags
  • Direct vs. Indirect
• IRA to IRA Indirect Rollovers and Direct Transfers – Once-per-12-month rule clarifications and recent rules on 60 day exceptions and reporting
• Distributions
  • Federal Income Tax Withholding
  • Before age 59½ - penalty exception coding
  • At age 70½ including mandatory notices – Waiver of 2020 RMDs
  • 9 Biggest Mistakes of IRA Beneficiary Payouts
  • Overview and Explanation of IRS Reporting Requirements

Faculty

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.