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IRAs - Rollovers and Transfers 2023

Webinar: ID# 1041837
Live on 10/5/2023 from 11:00am till 1:00pm EST or via On-Demand
About This Course:
One of the biggest sources of IRA customers getting letters and bills from the IRS is because of the misreporting of rollovers vs. transfers. This problem has existed for over 40 years and it's not rocket science!

The most important aspect of moving money from IRA to IRA or QP to IRA is that both the sending side and the receiving side have to code the transaction pretty much the same. When one bank codes it as a distribution and other bank code it as a transfer credit, the IRS computers explode and send out letters and bills to the customer.

Many banks think they can make up their own definition of a rollover vs a transfer, but the IRS is clear in the rules and regulations when the moving of IRA funds is reported to the IRS and when it is not reported.What You'll Learn:
  • What are the 3 most important questions when moving funds between retirement accounts?
  • How do you determine the type of issuing plan?
  • What happens when a transfer is coded as a rollover or a rollover is coded as a transfer?
  • How do we correct our IRS reporting mistakes?
  • When would the bank ever code a distribution as a rollover debit?
  • What's the difference between a rollover and a conversion?
  • What are the rules on how many times an IRA can be moved as a rollover in a 12 month period?
IRAs - Rollovers and Transfers 2023
Live on 10/5/2023 from 11:00am till 1:00pm EST or via On-Demand
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