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Course description

During this one-hour webinar we will cover the three IRS Notices were released recently and give you work to do!


IRS Notices require you to tell customers that are in RMD that they can waive the distribution. 

If the customer has already taken the distribution then the customer has till August 31 to repay it.  You will learn how to handle the repayment and waiver.  Also, your customers may to take out $100,000 out of IRA due to COVID.  We now have information on reporting and coding of these distributions and repayments. Plus new disaster relief extends IRA contribution deadlines to October 15th for tornado and storm affected areas.  We will recap all the CARES Act and SECURE Act Changes and clarifications for 2020.


Program Highlights:

-How to handle the RMD waiver on both inherited and RMD distributions

-Learn what is in a waiver and how to craft your letter to customers

-Rollover time frames extended for those who have taken RMDs already

-Review what is a repayment and how do we code it?

-Distribution limits on coronavirus-related distributions

-How to handle and report the $100,000 distribution for COVID

-Expands the definition of who is a qualified individual for the $100,000 distribution

-How many distributions for coronavirus can be made?How can they be repaid?  How many times?

-Reliance on certifications and certification format

-Tax reporting on coronavirus-related distributions and recontributions

-Accepting recontributions of coronavirus-related distributions—documentation and procedures

-New tax deadlines for disaster relief for tornadoes and storm victims

-All the nitty, gritty of the distributions and subsequent recontributions to IRAs


What you will receive:

Updated 2020 IRA Handbook over 500 pages and all the IRS Changes in one place.

Instructor(s)

Deborah Crawford

Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 27+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.

Course curriculum

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