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. You’ll 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 it’s 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, you’ll 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 union’s 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