IRA Update - Catching Up with the Latest Changes

Towards the end of each year, the IRS releases the next year's Cost of Living Adjustments to IRAs for 2020. Also, you never know what legislation they may pass before Christmas break.

Attending this webinar keeps you updated on all the changes that apply to IRAs for the 2020 tax year. You will also hear a detailed explanation of procedures and reporting for the more complicated areas of IRA transactions. This will lower the amount of corrections you have to do when the customer gets an unnecessary letter and bill attached because of a mistaken code we used on the 5498 or 1099-R reporting.

What You Will Learn

  • What are the legislative updates for 2020?
  • Clarifying reporting of Qualified Charitable Distributions to the IRS and why they will become more prevalent over the next couple of years.
  • What are the mandatory notices and reporting to be distributed to IRA accountholders in January 2019?
  • What is the constant danger in confusing the “IRA direct transfers” terminology with “QP direct rollovers”?
  • Why are IRA accountholders getting so many unnecessary letters and bills from the IRS?
  • What do we do when a customer demands a reporting correction when our reporting is actually correct?
  • If there was a bank error in the reporting, how do we correct it?
  • How many years can we go back and correct our reporting mistakes?

Who Should Attend?

This update is a vital necessity for anyone in the position of answering IRA questions as a representative of the financial institution - including the customer service reps, operations personnel, investment advisors, trust officers and the bank call center employees.

"Patrice is an awesome speaker and is very knowledgeable." - Karen W, Commercial Bank - St. Louis, MO