IRAs: Rollovers and Transfers

As we continue our journey down the mountain, we come to the most abused terminology in IRAs. Everyone knows you can only do one rollover per “IRA” in a 12 month period – right? But, what’s the definition of an “IRA” – An IRA account? - An IRA plan? - An IRA plan type? The actual verbiage on this has always been a little gray and subject to interpretation. In a landslide, mind-blowing court case, the whole rollover world has been turned upside down. Big changes and clarifications regarding rollovers were effective January 2015. As you can see below, this is a jam-packed informational Webinar. And in August 2016, there were even more changes regarding “self-certification” of rollovers occurring beyond the 60 day period and financial institutions still being able to accept them.

This program is Part 2 of a 3 Part Series. For more information and series pricing, Click Here.

Covered Topics

  • Why is it important to QUALIFY the money coming into the financial institution?
  • What are the three questions that should be verified?
  • What is the IRS definition of an IRA for rollover qualification purposes?
  • What happens if an IRA accountholder exceeds the once-per-12-month rule?
  • What are the exceptions for the 60 day time period where the customer can “self-certify” the rollover is still allowed?
  • What are the alternatives to moving money from IRA to IRA if not a “rollover”?
  • Which IRA Forms are used and how is the movement reported to the IRS?
  • When does the financial institution have to verify transactions with the other institution?
  • What’s the difference between an IRA Transfer, an IRA Rollover and a Qualified Plan Rollover?
  • Moving money from a Traditional to a Roth or QP to a Roth – Conversion vs. Rollover?
  • What is a Recharacterization between plan types?
  • Most importantly…How do we correctly code the transactions above to the IRS?

You are encouraged to have a sample of the IRA forms your Credit Union is currently using for your review during the session including: IRA Contribution forms, Distribution Forms and Rollover Review/Certification Forms. 

Who Should Attend?

This is the Part II in a three-part series and is a “must-attend” Webinar for anyone - even remotely - involved in IRAs including, frontline, back office, call center, investment department, and trust department personnel.
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   OnDemand Recording - $215   
   CD-ROM - $245