IRA Annual 4-Part Series: From A-Z

August 30, 2022 10:00 AM - 12:00 PM CDT
September 9, 2022 10:00 AM - 12:00 PM CDT
September 15, 2022 10:00 AM - 12:00 PM CDT
October 20, 2022 10:00 AM - 12:00 PM CDT

A Program

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IRAs Part 1 - The Basics

IRAs will never make sense unless you start at the beginning. The first session of this 4-Part series is designed to help you understand for the essential terms, forms and IRA product differences.

Sometimes when the IRA "Expert" retires, we realize that no one has been trained to take their place. It's like starting all over again. You can't have a great comfort level until you understand what an IRA actually is! The Webinar opens by reviewing the top terms and reporting forms for IRAs. Then we will delve into what forms to complete for establishing a new IRA vs. adding to an existing IRA. The last part of this session will review the differences between a Traditional IRA, Roth IRA, and Conversion Roth IRA.

What You'll Learn

  • IRA Terminology and IRS Reporting Forms
  • Explanation of IRA Forms to Establish an IRA plan and make additional contributions
  • Qualifications, 2022 Contribution Limits, Income Phase-out limits, Age Limits and other new regulations for a:
    • Traditional IRA
    • Roth IRA
    • Conversion Roth IRA

IRAs Part 2 - How to Move Money Correctly Between Retirement Plans

Customers and clients are getting letters and substantial bills from the IRS saying they owe taxes on money that was moved from one financial institution to another and one of the banks did not report the transaction correctly to the IRS.
It is not rocket science. It is a 3-piece puzzle with questions that must be asked and answered:

  1. What kind of plan is it coming from?
  2. What kind of plan is it going into?
  3. Does the customer have the ability to use the funds in between?

Once you truly get the answers to these questions, the reporting of the movement of funds defaults according to the IRS regulation.

What You'll Learn

  • Difference between an IRA Rollover and a QP Rollover
  • 60-day rule and once-per-12-month rule
  • Difference between and IRA rollover and an IRA transfer from IRA to IRA
  • Difference between a 'Recharacterization' and a 'Roth Conversion'
  • Rules governing rollovers and transfers after the owner reaches age 72
  • How nonspouse beneficiaries move money between retirement plans

IRAs Part 3 - Distributions to Owners and Beneficiaries

In the past 2 years, you have probably fielded lots of questions from your clients regarding the many IRA changes and, most specifically, about how they affect beneficiary payouts. This can greatly affect estate and financial planning strategies. Just when we thought we had the answers, in February 2022, the IRS released NEW proposed regulations effecting beneficiary payouts that are expected to take affect this year and make a hybrid of the 'pre-SECURE Act' rules and the new SECURE Act rules that became effective 1/1/2020.

In addition, Congress has passed a sweeping retirement update that will go to the Senate and possibly be passed before the end of the year and signed into law - aka The SECURE Act 2.0. This may extend the age for beginning RMDs from IRAs and have other very substantial changes all to be discussed in this essential Webinar.

What You'll Learn

  • New federal income tax withholding rules
  • When an IRA owner postpones their first RMD
  • When beneficiaries have optional distributions and/or must take an RMD
  • Different types of beneficiaries for payout options
  • Which age used to calculate Single Life payments to a beneficiary
  • Who is required to take the deceased owner's RMD and report to the IRS
  • 9 red flags of beneficiary payouts

IRAs Part 4 - How to Audit IRA Files

In this 2-hour IRA Audit Webinar, you will learn that incomplete or incorrect IRA paperwork may be a red flag for bank auditors. Whether you are scanning and imaging your IRA documents, or placing copies in a paper folder, now is the time - while the client is alive - to make sure you have everything you need and get rid of what you don't.

Since IRAs have had some of the most major changes of any bank product in the last couple of years, updated training is one of the key elements of maintaining proper procedures and making sure the IRS reporting is correct to match what the client is reporting on their own taxes. Samples of audit worksheets will be provided in Word format.

What You'll Learn

  • Proper documentation to open, close, move, and maintain an IRA
  • Record retention of closed IRA files
  • How to review IRA procedures and documentation flow
  • Checking the IRA transactions for proper coding and reporting
  • Reports generated by your system to review IRS reporting before it is submitted
  • How to correct mistakes found in the IRA Audit
  • 25 of the most common mistakes found during an IRA audit
  • Different types of IRA audits


Patrice M. Konarik

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.