IRA Basic and Advanced Issues 2022 | Indiana Bankers Association (IBA) | 1 March 2022 | IBA Center for Professional Development, 8425 Woodfield Crossing Blvd, Suite 155E Indianapolis, IN 46240

What an Event was and it’s still spinning into 2021 and 2022!! After the SECURE Act was signed into law and made effective, you would think by now all the IRS clarifications would have been released. We are still waiting for some guidance after almost 2 years of enactment. These are the most substantial changes we’ve had to IRAs in almost 15 years. There are too many issues and too many potential pitfalls financial institutions will experience if they don’t have a working knowledge of these changes. Forms have been changed, IRA software was most likely updated and the most of the new rules have gone through several interpretations.

On top of that, The CARES Act was passed 3 months later making even more rules and regulations changes to IRAs. While most of the CARES Act provisions have expired, there are some “repayments” allowed for the next 2 years.

In the Event on Day 1: You may be thinking, I don’t even know the old rules to know what the new changes are. Unfortunately, you will need to know the old and the new rules because most of the IRA rules prior to 1/1/2020 are “grandfathered”. But don’t worry, you will have the totally updated IRA “Red” Book Training manual with lots of “cheat sheets” to show you the “before” and “after”.

In the event Day 2: We will summarize the changes and then actually get into the nitty gritty of new distribution regulations to owners and beneficiaries - what stays the same and what changes? How do we disclose all these changes to our customers?

Day 1: IRA Basic Issues

• 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, 2021/2022 Contribution, Income Phase-out limits, Age Limits and other new regulations for a:
•Traditional IRA
•Roth and Conversion Roth
•SEP IRAs contributions and IRS reporting

Day 2: IRA Intermediate/Advanced Issues

• Updated legislative regulations on IRAs as the result of the SECURE Act and the 2022 Cost of Living Adjustments
• Health Savings Accounts
• QP Rollovers and IRA Rollovers and Transfers
• Distributions
• Federal Income Tax Withholding
• Before age 59½ - reporting and penalty exceptions
• At age 72 beginning in 2021 - including mandatory notices
• 9 Biggest Mistakes of IRA Beneficiary Payouts
• Rule on new nonspouse beneficiary payout requirements beginning in 2020
• Overview and Explanation of IRS Reporting Requirements

SPEAKER:

•Patrice M. Konarik
President of Sunwest Training Corp.