Basic Traditional IRAs
Session # 1 covers establishing the IRA and the
contribution rules.

1. Overview and illustration of tax benefits
2. Establishing and administering traditional IRAs
3. Contribution Limits and Rules
4. Transfers
5. Rollovers from other IRAs, and
6. Rollovers from 401(k) and other employer plans;
7. Completing Form 5498 .

Session #2 covers the basics of IRA distributions

Basics of HSAs

Learn everything you need to know about HSA establishment and administration of HSAs in 2011 and 2012. See what documentation is required and whose responsibility it is to determine eligibility. HSA reporting is very different from IRA reporting and must use the proper HSA forms, not the IRA forms and codes.

 

Basics of Roth IRAs

Learn the basics of establishing and administering Roth IRAs. CWF will walk you through the required documentation for establishing Roth IRAs on a line-by-line basis, illustrating the requirements regardless of whose forms are used. Contribution eligibility, limits and exceptions will be thoroughly reviewed. See what IRS penalties are possible for non-compliance, and more importantly, how they can be avoided. Distributions will be covered, including IRS Reporting.

Inherited IRAs for
Non-Spouse Beneficiaries

With more and more non-spouses being named as IRA beneficiaries, this complicated area is thoroughly reviewed. Learn how the inherited IRAs are established, administered, titled and reported. See how the 2009 RMD Waiver does NOT affect all beneficiaries equally and how it affects future years. The special rules for trusts are covered.

 

 

 

A Surviving Spouse's Options with Respect
to Their Spouse's IRA

A surviving spouse will generally want to treat their deceased spouse’s IRA as their own IRA. Learn the proper administrative procedures for the spouse to make this election. There are special RMD calculations to be performed if the deceased spouse and surviving spouse are subject to the RMD rules. There are exceptions, though, when the spouse will wish to maintain the IRA as an inherited IRA. Illustrations are furnished indicating the adverse consequences of when a spouse fails to elect to treat their spouse’s IRA as his or her own IRA in some situations.

 

Understanding Transfers, Direct Rollovers and Rollovers
To IRAs and From IRAs.

This is a very important topic for an IRA custodian’s personnel to understand well. Covered will be moving funds into and IRA from another IRA or from a 401(k) plan. Also covered will be moving funds from an IRA to another IRA or 401(k) plan. This is a complicated topic, but the IRA custodian establish procedures to greatly simplify the administration. Learn about these procedures.

 

 

Methods of Correcting an IRA Contribution - Withdraw It or Recharacterize It

Individuals will make contribution mistakes and they will also change their mind (or their accountant does) as to the type of IRA contributions they wish to make. Special rules and procedures need to be understood. There are special IRS reporting rules. In some cases the IRS wants an IRA custodian to furnish a special form or forms. A special formula is to be used to calculate the earnings or losses associated with the contribution need to be corrected. This webinar covers these special rules and procedures.

 

IRA Reporting for the
2012 Tax Year

An IRA custodian/trustee has numerous IRS reporting duties with respect to IRAs - RMD notices, 1099-R forms, fair market value statements and 5498 forms. Although many institutions are having their computer systems generate these reports, you need to know that they are being completed correctly. This webinar explains what the IRS requires and what is optional.

Session # 1 focuses on the Form 1099-R, the withholding forms, the required distribution notice and related requirements for 2012. These annual forms are compared. Differences are noted. The completion of all boxes on the forms are discussed. Some boxes are mandatory and others are discretionary. You must know the difference. Reason codes are explained in detail. Methods of correcting are covered. Various reporting options for furnishing the RMD information to the accountholders and the IRS are covered.

Session # 2 focuses on the form 5498 and the fair market value statement requirements. The completion of all boxes on the forms are discussed. Some boxes are mandatory and others are discretionary. You must know the difference. Methods of correcting. Various reporting options for furnishing the 5498/FMV information to the accountholders and the IRS are covered.