Handling Missed
RMDs
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RMDs
are missed. Sometimes the mistake is the fault of
the owner or beneficiary, sometimes the mistake of
the IRA custodian and sometimes the fault is to be
shared. Based on our consulting calls, it seems there
were more missed RMDs at the end of 2011 than there
have been for a number of years. This webinar discusses
the procedures to be used to seek a waiver from the
IRS of the 50% excise tax. What influences the IRS
to waive the 50% tax ? To what degree should an IRA
custodian try to help ? A practical discussion of |
Basics of Traditional IRAs
- Session # 1
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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 |
Basics of Traditional IRAs
- Session # 2
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Session
#2 covers the basics of IRA distributions
1. General Distribution rules
2. Federal withholding rules
3. IRS Reason Codes
4.
Transfers, including those due to divorce and death
5. Required distributions to 70½ owners
6. Required distributions to beneficiaries
7. Recharacterizations
8. Excess distributions
9. Qualified Charitable Distributions
10. Form 1099-R |
Basics of Roth IRAs
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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.
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Basics of HSAs
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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. |
| A Surviving
Spouse's Options with Respect to Their
Spouse's IRA
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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.
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Inherited IRAs For Non-Spouse
Beneficiaries
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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.
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IRA Reporting for the 2011
Tax Year - Session 1
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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 2011. 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 |
IRA Reporting for the 2011
Tax Year - Session 2
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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 # 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.
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Basics of SEP Plans and SEP
IRAs
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Many
farmers and other small businesses have had a very
good 2010 year. They are looking to reduce their taxable
income. Learn the basics of SEP IRAs. Annual contributions
up to $49,000 per person may be made. Servicing one
person SEP IRAs is very simple and this webinar focuses
on one person businesses. There will be limited discussion
of SEP plans with multiple participants. |
Basics of SIMPLE IRAs
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Learn
what your financial institution must do to offer
and administer SIMPLE IRAs and service the employers
who sponsor them. As with SEP IRA, SIMPLE IRAs may
generate larger contributions than traditional and
Roth IRAs. Learn why some employers will choose
a SIMPLE IRA plan over a SEP plan. We will discuss
in detail the principle forms needed to establish
a SIMPLE IRA plan and SIMPLE IRA plan agreement.
Annual reporting requirements will be covered.
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| Required Minimum
Distributions
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The standard RMD rules for
2012 applying to living accountholders will be covered
in detail as are the options available. A summary
will be given for the rules applying to inherited
beneficiaries, spouse beneficiaries and non-spouse
beneficiaries.
This webinar will discuss
the QCD/RMD rule applying for 2011 and discuss an
option for 2012.
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Understanding Transfers, Direct
Rollovers and Rollovers
To IRAs and From IRAs.
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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.
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Methods of Correcting an IRA Contribution - Withdraw It or Recharacterize
It
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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. |
Basics of One Person 401(k)
Plans
With Comparisons to SEPs and SIMPLEs
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Qualified Plans, including
one person 401(k) plans, have fallen into disfavor
with financial institutions and some individuals
because of cost and complexity issues. Clients will
find the additional tax benefits associated with
the 401(k) plan worth the
cost of paying reasonable fees. This webinar will
cover those attributes which make a one person 401(k)
plan so attractive to so many one person businesses
and other small employers. Designated Roth contributions
may be made and now a participant can do an internal
conversion of taxable funds into a Designated Roth
account. The numerous attributes and other rules
will be discussed along with fee information.
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