Hilton Garden Inn Casper

1150 N. Poplar Street

Casper, WY 82601

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What an IRA Merry-Go-Round 2020 was and it’s still spinning into 2021 and 2022!! After the SECURE Act was signed into law on December 20, 2019 and made effective on January 1, 2021, 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 IRA Basic class 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 IRA Advanced 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? 

This intensive 2-day format will help you pull it all together by helping you learn the following:

1. Understanding the Top 20 Basic Terms of IRAs.
2. Next we will review the most commonly used forms to create and complete IRA transactions.
3. As the day goes on, you will pick up knowledge of the IRA plan types, Traditional, Roth and SEP.
4. And finally, on day 2 you will better-learn and comprehend the complicated areas of Rollovers and Transfers, and IRA Distributions to owners and beneficiaries and IRS reporting, resulting in a better picture of this confusing topic incorporating the new rules as part of the SECURE and CARES Act of 2020.

Whether you are looking to gain basic knowledge of IRAs, raise your comfort level or sharpen your skills with the most up-to-date rules and regulations, this two day format will cover everything! The newly revised full 275-page IRA Manual will be provided to you whether you attend the IRA Basics, IRA Advanced or both days. 

Day 1: IRA Basic Issues (9-4)

• 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, New 2021/2022 Contribution, Income Phaseout limits, Age Limits and other new regulations for a:
  • Traditional IRA
  • Roth and Conversion Roth
  • SEP IRA’s contributions and IRS reporting

Day 2: IRA Intermediate/Advanced Issues (9–3)

• Updated legislative regulations on IRAs as the result of the SECURE and CARES Act and the 2022 Cost of Living Adjustments
• Health Savings Account Overview
• QP Rollovers and IRA Rollovers and Transfers
• Distributions
  • Federal Income Tax Withholding
  • Before age 59 ½ - reporting the penalty exceptions.
  • New Life Expectancy Table Calculations
  • At age 70½ before 2021—including a change in mandatory notices
  • 9 Biggest Mistakes of IRA Beneficiary Payouts
  • Rules on new nonspouse beneficiary payout requirements beginning in 2020
  • Overview and Explanation of IRS Reporting Requirements

Each day can be attended independently, but for the most comprehensive understanding of the issues from A-Z, attending both days is recommended. The same book will be used for both days.