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IRA Year End Wrap Up
UPDATED! Securing a Strong Retirement Act of 2020 proposes changes!
• Increase of the Savers Credit to flat 505
• Increase in age for RMD to 75
• Catch up contribution would be set to index
• Higher Catch up for the SIMPLE
• Exemption from RMD id total balance under $100,000
• Increase in the charitable gift to $130,000
• Statute of limits for excise tax on excess contributions
SECURE Act, CARES Act, Extended Tax deadlines, and IRS Notices! Learn if you complied with all the IRA Changes in 2020!
• Two changes in the CARES Act—Waiver of RMDs and the $100,000 withdrawal
• Five Changes in the SECURE Act—Age for contributions extended, age for RMDs extended to 72 and more changes affect IRAs
• IRS notice on waiving RMDs and rolling them back in
• How to distribute up to $100,000 in IRA when your customer is affected by COVID
• Impact of extended tax reporting for COVID and disasters
• Year-End Reporting
• Letting customers know what is happening
• Preparing for the 2021 tax season with new inherited IRA rules
• New Life Expectancy Tables released by IRS are FINAL effective 2022
What you will receive:
600+ page updated IRA Handbook
WHO SHOULD ATTEND: Branch Managers, Loan officers, Customer Service Representatives, Tellers, Deposit Operations, Deposit Compliance, Branch Administration, BSA Officer, BSA staff, Compliance Officers, and others who open accounts for retirement.
Deborah Crawford is the President of Gettechnical Inc., a Virginia and Florida based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has over 35 years of combined teaching and banking experience.
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