IRA Basics - CUNA

IRA Basics

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This manual is designed for use in conjunction with seminars conducted by Ascensus. Some areas are not intended to be covered fully, but only highlighted for presentation purposes. It is understood that the publisher is not engaged in rendering legal or accounting services. Every effort has been made to ensure the accuracy of the material presented during the seminar. But retirement plan forms, government regulatory positions and laws are subject to change, so we cannot guarantee the accuracy of the material. The material in this manual reflects the law and regulatory interpretations as of the publication date of June 2014 (v49). Much of the information contained in this manual is based on the operation of the financial organizations to which we provide services. Some of your procedures may vary if your organization is not a member organization served by us. Ascensus makes no representations regarding compliance of the seminar or guidebook with any state laws or state regulations or federal securities law.

Copyright ?2014 Ascensus, Inc. All rights reserved. No part of this manual or presentation may be reproduced in any form by audiotape, photocopy or any other means without written

permission of copyright owner.

Ascensus? and the Ascensus logo are registered trademarks of Ascensus, Inc.

IRA Basics

Table of Contents

Course Objectives ............................................................................................... 1 Understanding IRAs ............................................................................................ 2 IRA Contributions ................................................................................................ 8 Moving Assets Between IRAs............................................................................ 15 Rollovers Between Employer-Sponsored Retirement Plans and IRAs ............... 19 Traditional IRA Distributions .............................................................................. 22 Roth IRA Distributions ....................................................................................... 24

?2014 Ascensus, Inc. All rights reserved.

Course Objective(s)

After participating in this webinar, you will be able to

describe and list the tax benefits of an IRA, recognize types of annual contributions, explain contribution eligibility and the deadline to make an annual contribution, identify the methods of moving assets between IRAs and between employer- sponsored retirement plans and IRAs, and state the early distribution penalty tax exceptions.

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?2014 Ascensus, Inc. All rights reserved.



Understanding IRAs

I R A

An individual retirement arrangement (IRA) is a special domestic trust, custodial account, or annuity contract established to hold assets for an individual's retirement. An IRA is not a certificate of deposit, money market account, or any other type of investment.

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?2014 Ascensus, Inc. All rights reserved.



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