IRA Workshops: Essentials & Advanced
Topics & Objectives

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Please note that the Topics/Objectives listed below are subject to change.

DAY ONE - ESSENTIALS

IRA Fundamentals

• Understand the importance of retirement savings to your members and your credit union
• Identify the difference between traditional and Roth IRAs
• Know the process for establishing an IRA

Contributions

• Learn about contribution limits and deadlines
• Identify the eligibility requirements for traditional and Roth IRA contributions

Distributions

• Discuss the process for removing funds from traditional and Roth IRAs
• Identify IRS penalties and their exceptions
• Learn when it's necessary to withhold income taxes

Transfers and Rollovers

• Identify the differences between a rollover and a direct transfer
• Know what to do when the money comes from a qualified retirement plan instead of an IRA

Tax Reporting

• Review the basic tax reports that IRA owners receive, such as forms 5498 and 1099-R

DAY TWO - ADVANCED

Review the Fundamentals

• Understand the new IRS regulations that affect IRAs
• Discuss the credit union's responsibilities for IRA programs

Contributions

• Identify the different types of contributions that can be made to traditional and Roth IRAs
• Explore rollover contributions, the automatic waiver of the 60-day rule, and traditional IRA to Roth IRA conversions
• Understand how and when these contributions are reported to the IRA owner and the IRS

Distributions

• Understand the tax consequences of distributions from traditional and Roth IRAs
• Define an excess contribution as well as a recharacterization
• Learn the requirements to complete a conversion
• Know how to report distributions to the IRA owner and the IRS

Required Minimum Distributions

• Learn when to use the Uniform Lifetime Table and the Joint Life Expectancy Table
• Understand the tax reporting requirements for required minimum distributions

For more program content information or to request a brochure call 800-356-9655, ext. 4882, or email abollman@cuna.coop. For registration questions, call 800-356-9655, ext.4400 or e-mail reginfo@cuna.coop.

 

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