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529 Plans - Although authorized under federal law, Internal Revenue Code Sec. 529 plans also operate under state law, so plan provisions vary. Despite their differences, 529 plans do have several universal characteristics. Learn the basics about 529 plans and how they operate. This course also focuses on how 529 plans interact with your Coverdell education savings account program.
Comparing Roth and Traditional IRAs - Clients always ask: "Roth or Traditional IRA—which is best for me?" "Should I convert my existing Traditional or SIMPLE IRA to a Roth IRA?" "How do I assist my clients without giving tax or investment advice?" This course provides answers to these questions and many more.
Conversions - Learn the latest rules and regulations on conversions, reconversions, and failed conversions. This course looks at the procedures for handling these transactions, as well as the tax and reporting implications unique to each of these transactions from both the IRA owner’s and the financial organization’s perspective.
Coverdell Education Savings Accounts - Education costs continue to rise year-over-year. Coverdell education savings accounts (ESAs) are a type of savings plan that individuals can use to cover these costs. This course provides an overview of ESAs, the tax benefits, and the intricacies of administering ESAs in today’s marketplace.
Employer-Sponsored Plan Portability - IRA owners have greater flexibility for moving retirement assets among IRAs and employer-sponsored plans than at any other time in history. As a result, IRAs continue to grow in popularity as a means of holding and accumulating retirement assets. This course not only provides an update to the legislative changes to rollovers, but also reviews the procedures for properly completing rollovers between an employer-sponsored retirement plan and an IRA.
Establishing an IRA - To ensure compliance, financial organizations must provide correct and current opening documents to individuals who establish IRAs. This course provides details on how to properly establish Traditional and Roth IRAs. An examination of beneficiary designations also will prove helpful in assisting clients with opening IRA documents.
Handling IRA Legal Issues - Financial organizations generally should refrain from giving tax or legal advice to clients. As a practical matter, however, financial organizations often find themselves fielding legal questions. This course will alert you to the legal issues that may arise and to the laws that govern these issues. This course covers some of the more common legal issues such as powers of attorney, guardianships, creditors, amendments, and beneficiary issues.
HSA Basics - Health savings accounts (HSAs) continue to grow in popularity. This course provides an overview of how these savings arrangements for individuals and families covered by high deductible health insurance plans can be used to pay for medical expenses. This course also provides an introduction to the fundamentals of HSAs so that you are able to answer client questions with confidence.
Individual(K) - With the addition of the Roth 401(k) component and improved portability rules, Individual(k)™ plans have become even more popular with small business owners. This course discusses the benefits, plan establishment, and reporting associated with the Individual(k)plan. This course also provides an in-depth look at contribution types and limits. Examples compare the maximum contribution amount under an Individual(k)to the maximum contribution amounts under a SEP or SIMPLE IRA plan to illustrate potential business take over opportunities.
IRA Authoritative Hierarchy - Unfortunately, financial organizations do not have one, single source to refer to for a complete listing of all IRA rules and regulations. IRA requirements come from several sources, including the Internal Revenue Code, Treasury Regulations, IRS pronouncements, and other government directives. This course provides an explanation of the legal weight of IRS pronouncements while the participant learns how to perform research on IRA issues.
IRA Beneficiary Options - Many organizations find that assisting with clients’ beneficiary options is one of the most important, yet complex, services offered. This course covers Traditional and Roth IRA beneficiary options and election deadlines, including information on trust beneficiaries, beneficiary disclaimers, and reporting requirements.
IRA Compliance - Does your financial organization have a compliant IRA program? Compliance means following all of the IRS requirements for documents, tax withholding, and reporting. This results in a prosperous, penalty-free IRA program. This course discusses all of the required elements of a successful IRA program and provides self-audit exercises to assist learners in creating the “ideal” IRA file.
IRA Contributions - Historically, January 1 through April 15 is the busiest time of the year for accepting IRA contributions. This course covers both Traditional and Roth IRA contribution issues, including deadlines, limits, possible tax credits, and Traditional IRA deductibility rules.
IRA Distributions - Taxes, penalties, and withholding—when are they applicable to Traditional and Roth IRAs? This course focuses on when IRA owners owe tax or IRS penalty taxes on IRA distributions. This course also discusses the responsibilities that financial organizations have for IRA reporting and federal income tax withholding. This course does not cover required minimum distributions or substantially equal periodic payments.
IRA Excess Contributions and Recharacterizations - Assisting clients with correcting IRA excess contributions can intimidate even the most seasoned IRA professional. This course discusses the correction process, including the tax and penalty implications and how to calculate net income attributable (NIA).
IRA Required Reporting - Almost every year, IRS reporting requirements for IRAs change, which is why keeping up-to-date on these changes can be a challenge for financial organizations. This course provides a current, an in-depth review of IRA reporting requirements, including RMD and beneficiary reporting, fair market value statements, account statements, and IRS Forms 1099-R and 5498.
IRA to IRA Transfers and Rollovers - Transfers and rollovers are two methods of moving assets from one IRA to another IRA of the same type. Understanding the procedures of each is essential to your IRA operations. This course provides details on both transfers and rollovers. Compliance concerns of transfers and rollovers after age 70½, at death, and in the case of divorce also are identified.
QPlan Basics - Qualified retirement plans (QRPs) encompass several different plan types, including profit sharing plans, money purchase pension plans, and more. Recognizing the differences between them can be a challenge for financial organization personnel. This course outlines the fundamentals of QRPs, including plan establishment, contribution deadlines, tax benefits, eligibility requirements, and contribution limits.
Roth 401(k) - Since the Roth 401(k) deferral feature first became available in 2006, many employers added this feature to their plans. Now, 401(k) plans, 403(b) plans, governmental 457(b) plans, and the Thrift Savings Plan are all allowed to have qualified Roth contribution programs. This course provides a detailed explanation of the Roth 401(k) regulations, including information on portability rules, separate accounting, and contribution limits.
SEP IRAs - Simplified employee pension (SEP) plans often hit the mark as a good plan for small employers. SEP plans are easy to maintain and offer employers the change to make deductible contributions at their discretion. This course provides an in-depth review of SEP plans, including information on plan documents, eligibility requirements, contribution limits, and distribution requirements.
SIMPLE IRAs - SIMPLE IRA plans are ideal for small employers that are looking for an easy-to-maintain plan that has an elective deferral feature. This course reviews contribution limits, portability rules, employer and employee documents, and eligibility requirements.
Substantially Equal Periodic Payments - Substantially equal periodic payments (also known as 72(t) payments) can be used as an exception to the early distribution penalty tax. This course offers a comprehensive look at payment eligibility, the calculation methods, and the distribution rules.
Traditional IRA RMDs - Required minimum distributions (RMDs) make up a large part of any financial organizations IRA services and will continue to increase as baby boomers age. This course discusses valuable new guidance and all RMD rules, including calculations, excess accumulations, and reporting.
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