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IRAs Contributions & Distributions for Traditional, Roth, SEP & SIMPLE IRAs
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Description
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This comprehensive course is designed to get the accountant up to speed quickly with the different types of individual retirement accounts (IRA). The cornerstone of the course is the in-depth coverage of the contribution and distribution rules to the Traditional, Roth, Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees (SIMPLE) IRAs. The course will also discuss the increasing popular health savings accounts (HSA) as well as any newly enacted tax legislation related to IRAs.
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Objectives
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Walk away with a complete understanding of the different options for maximizing contributions to the various IRAs Walk away with a complete understanding of the different options for maximizing contributions to the various IRAs Learn the tax ramifications of excess contributions to and early withdrawals from IRAs Analyze the exceptions to early withdrawal penalties (before age 59 «) Understand the required minimum distribution (RMD) rules that apply to IRAs after the account owner turns age 70 « or dies
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Highlights
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Learn the contribution limits and tax treatment of distributions to/from Traditional, Roth, SEP and SIMPLE IRAs Thorough coverage of deductible phase-out limits for Traditional IRA contributions for taxpayers that are active participants in qualified retirement plans Comprehensive discussion of the Roth IRAs contribution phase-out limits as well as tax-free qualified Roth distributions Discuss the planning opportunities for conversions to ROTH IRAs in 2010 Overview of rollover rules to/from different types of retirement accounts Learn the different options of receiving IRA distributions before age 59 « and avoiding the 10% early distribution penalty (including substantially equal periodic payments) Detailed overview of calculating the required minimum distribution (RMD) to avoid the 50% penalty after the IRA account owner turns age 70 « or dies Understand the different tax ramifications of spouse and non-spouse beneficiaries and how this affects the RMD calculation after the account owners death Basic overview of health savings accounts (HSAs) individuals eligible to contribute to HSAs, contribution limits and distributions
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Designed For
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Professionals that advise clients on all aspects of IRAs and want to maximize retirement plan contributions, minimize the taxes on distributions and learn the ins and outs of distributions from these accounts
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Recommended
CPE Credits
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8
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Prerequisites
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None
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Event Id / Acronym
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10IRA
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Course Level
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Intermediate
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Field(s) of Study
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Taxes
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Producer
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Garverick Province, LLC
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Instructor
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© 2010 Business Learning Institute, an affiliate of MACPA
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