The difference between an IRA conversion and an IRA recharacterization contribution can be confusing to accountholders and tax advisors. The allowable methods to correct excess contributions and the deadlines to avoid can also be perplexing and difficult to explain. In addition, recent tax legislation has eliminated the ability to recharacterize IRA conversions and retirement plan rollovers made on or after Jan. 1, 2018. This session will demystify IRA conversions, recharacterizations, and excess contribution corrections. If you deal with IRA accounts in any capacity, you will learn how the new recharacterization rule affects 2017 versus 2018 conversions and retirement plan rollovers. Gain the knowledge necessary to confidently handle IRA owner questions and requests.
- Difference between a conversion and a recharacterization
- How to properly report conversions and recharacterizations
- When conversions and retirement plan rollovers may no longer be recharacterized due to recent tax legislation
- Difference between a true and deemed IRA excess contribution
- How to properly correct and report IRA excess contributions
- Penalties for failing to correct IRA excess contributions in a timely manner
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This session is designed for individuals who deal with IRAs and IRA account owners, whether face-to-face, in the IRA operations area, or in a supervisory or managerial capacity. Licensed insurance representatives and registered representatives will also benefit. After this session, you will have a greater understanding of what is new and important in the world of IRA conversions, recharacterizations, and excess contributions.
ABOUT THE PRESENTER – Frank J. LaLoggia, LaLoggia Consulting, Inc.
Frank LaLoggia is the President of LaLoggia Consulting, Inc., Rochester, New York, a pension and financial consulting firm that assists financial organizations with ongoing support in the creation, development, and marketing of their retirement plans and financial-services offerings.
Originally recorded on September 27, 2018.
Recorded webinar is available until March 31, 2019.
Free Digital Copy included with purchase to download and view beyond link expiration date.
Price includes sales tax.