CIS II Exam Prep Workshop

Transcription

1 CIS II Exam Prep Workshop

2 Learning Objectives Understand the Certified IRA Specialist (CIS) II certification process Prepare to complete the CIS II exam Keep your certification current 2

3 Getting Started

4 CIS II Certification Exam Guidelines Attend the CIS II learning track and Ascend and complete the exam within 60 days. 4

5 Exam Guidelines Previous IRA Knowledge Excess Contributions Conversions and Recharacterizations Withholding Portability Beneficiary Concepts RMDs 14% 14% 10% 13% 17% 15% 17% 5

6 Exam Process Web address Username Password 60 days You can save and exit 6

7 Exam Guidelines Must obtain 80% or better No time limit Call if there are issues 7

8 Exam Tips Begin working on the exam as soon as possible after returning from Ascend. The Ascensus Call Center can provide limited assistance. Don t question your abilities. 8

9 Maintaining Certification

10 Maintaining Certification Certification year Expiration year credits 10

11 Earning Credits 30 credits 30 credits credits 11

12 Earning Credits IRA Essentials 6 credits Advanced IRAs 6 credits HSA Workshop 6 credits IRA Frontline Fundamentals (1/2 day) 3.75 credits HSA Frontline Fundamentals (1/2 day) 3.75 credits elearning 1.5 credits Webinars 1.5 credits 12

13 Good Luck!! 13

14 Let s Review

15 Case Studies Pages

16 RMDs Dominic Leticia Attained age 74 Attained age 87 Distribution period ULT Divisor RMD $2, Amt reported on RMD statement $2,

17 RMDs Monica Luke Attained age 76 Attained age 65 Distribution period JLE Divisor RMD $4, Amt reported on RMD statement $3,

18 Death Claims Brian O Conner Date of death Date of death value Type of account Traditional IRA owner died Amount of RMD disbursed Owner died in 04/26/2018 $53, Traditional Before RBD NA Current year 18

19 Death Claims Mia s Distribution Options Life expectancy payments Five-year rule Transfer to own IRA Distribution and rollover Lump sum Jack s Distribution Options Life expectancy payments Five-year rule Transfer to own IRA Distribution and rollover Lump sum 19

20 Death Claims Brian O Conner Revocable Family Trust Distribution Options Life expectancy payments Five-year rule Transfer to own IRA Distribution and rollover Lump sum 20

21 Death Claims What is Jack s election deadline? 12/31/2019 On which IRS form are the distributions to Jack reported? IRS Form 1099-R In whose name and TIN is the distribution to Jack reported? Jack s name and TIN 21

22 Death Claims What is Mia s election deadline? 12/31/2023 If Mia elects life expectancy payments, what is the deadline for Mia to start taking payments? 12/31/2029 If Jack s date of birth is January 15, 1984, how much must he withdraw as a life expectancy payment in the first distribution year, if his portion of the IRA balance is $31, on December 31, 2018? $

23 IRA Withdrawals and Withholding What is the amount of Kara s gross distribution? $5, What is the amount of federal withholding? $ What is the amount of the net payment? $5,

24 IRA Withdrawals and Withholding What is the amount of Sean s gross distribution? $5, What is the amount of federal withholding? $ What is the amount of the net payment? $4,

25 Withdrawals and Withholding How should withholding be handled on the next scheduled payment if Frank completes no additional paperwork? Withholding should be waived on future payments until Frank changes the withholding election. How could you ensure that Frank s scheduled payments stay the same? Have Frank complete a withholding election form to elect 10% federal withholding. 25

26 Excess and Recharacterizations R 26

27 Excess and Recharacterizations P1 X 27

28 Conversions X X 28

29 Conversions X 2 X 29

30 Conversions X 30

31 Questions?

32 Thank you for attending CIS II Exam Prep Workshop We Appreciate Your Opinion Please complete the electronic course survey for this course located on the Ascend 2018 mobile app. Still need to download the app? Paper versions of the survey are located at the Business Center.

33 We help over 8 million Americans save for life s biggest moments. Education. Healthcare. Retirement. Ascensus provides administrative and recordkeeping services and is not a broker-dealer or an investment advisor. Ascensus and the Ascensus logo are registered trademarks of Ascensus, LLC. Copyright 2018 Ascensus, LLC. All Rights Reserved.