IRA Workshops: Essentials & Advanced
Topics & Objectives
Please note that the Topics/Objectives listed below are subject to change.
Day one: IRA Essentials
This workshop builds a solid foundation of IRA knowledge. Youll develop the skills and knowledge to work with IRA owners and process basic transactions with confidence. Exercises are included throughout the day to help you apply the information to job-related situations. No previous IRA knowledge is required. Please bring a handheld calculator.
IRA Fundamentals
Understand the importance of retirement savings to your members and your credit union
Identify the differences between traditional and Roth IRAs
Know the process for establishing an IRA
Contributions
Learn about contribution limits and deadlines
Identify the eligibility requirements for traditional and Roth IRA contributions
Distributions
Discuss the process for removing funds from traditional and Roth IRAs
Identify IRS penalties and their exceptions
Learn when its necessary to withhold income taxes
Transfers and Rollovers
Identify the differences between a rollover and a direct transfer
Know what to do when the money comes from a qualified retirement plan instead of an IRA
Tax Reporting
Review the basic tax reports that IRA owners receive, such as forms 5498 and 1099-R
Day two: Advanced IRA Issues
In the advanced workshop, youll get ready to handle more complex IRA issues. Discover how to address required minimum distributions, recharacterizations, and Roth conversions. Bring your handheld calculator for hands-on practice to help you understand challenging IRA transactions.
Review the Fundamentals
Understand the new IRS regulations that affect IRAs
Discuss the credit unions responsibilities for IRA programs
Contributions
Identify the different types of contributions that can be made to traditional and Roth IRAs
Explore rollover contributions, the automatic waiver of the 60-day rule, and traditional IRA to Roth IRA conversions
Understand how and when these contributions are reported to the IRA owner and the IRS
Distributions
Understand the tax consequences of distributions from traditional and Roth IRAs
Define an excess contribution as well as a recharacterization
Learn the requirements to complete a conversion
Know how to report distributions to the IRA owner and the IRS
Required Minimum Distributions
Learn when to use the Uniform Lifetime Table and the Joint Life Expectancy Table
Understand the tax reporting requirements for required minimum distributions
For more program content information or to request a brochure call 800-356-9655, ext. 4882, or email abollman@cuna.coop. For registration questions, call 800-356-9655, ext.4400 or e-mail reginfo@cuna.coop.
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