IRA Essentials 2022 | Illinois Bankers Association (IBA) | 6 April 2022 | Illinois Bankers Association & Virtual, 3201 W White Oaks Dr, Springfield, IL 62704, USA

This event is facilitated by Ascensus, gives attendees a solid foundation of IRA knowledge. Exercises are included throughout the day to help participants apply information to job-related situations. Attendees will leave this session able to work with IRA owners and process basic IRA transactions with confidence. This is a beginner’s session; no previous IRA knowledge is assumed. Attendees should have access to a hand-held calculator.

Topics
Introduction and Establishing IRAs
• Identify the tax advantages of Traditional and Roth IRAs
• Summarize the IRA opening document requirements
• Explain the difference between primary and contingent beneficiaries

IRA Funding
• Compare and contrast Traditional and Roth IRA eligibility requirements
• Explain the regular contribution limit
• Distinguish the regular contribution deadline
• State the rules for prior-year contributions
• Communicate the regular contribution reporting deadlines

IRA Distributions
• Identify federal income tax withholding requirements
• Recognize the exceptions to the early distribution penalty tax
• Summarize the tax consequences of Traditional and Roth IRA distributions
• Define a required minimum distribution and the required beginning date
• Communicate the distribution reporting deadlines

IRA Portability
• Differentiate between a rollover and a transfer
• Recognize rollovers between IRAs and employer- sponsored retirement plan

Audience
You should attend this seminar if you need to learn the basics of Traditional and Roth IRAs or want an updated, general refresher on IRA rules.