This comprehensive training is designed to get the accountant up-to-speed quickly with the different types of individual retirement accounts (IRAs). The cornerstone of the course is an 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 basics of the health savings account (HSA) as well as any newly enacted tax legislation related to IRAs.
Once participants have completed this session, they should be able to * Compare and contrast the tax and nontax advantages and disadvantages of the various IRAs (i.e. Traditional, Roth, SEP, SIMPLE and HSAs) * Calculate the maximum contributions to and taxable distributions from the various IRAs * List the exceptions to the 10 percent early withdrawal penalty from IRAs * Explain the rules and compute the required minimum distribution (RMD) from the IRAs during an account owner’s life (i.e. turns age 70½) and after their death
* Each attendee will receive the most comprehensive IRA reference manual with numerous practice aids, examples, and required minimum distribution tables * Topics include but are not limited to * An emphasis on newly enacted tax legislation affecting IRAs including the those made by the Tax Cuts & Jobs Act (TCJA) * An emphasis on newly enacted tax legislation affecting IRAs * Contribution limits to and tax treatment of distributions from Traditional, Roth, SEP, and SIMPLE IRAs * Deductible phase-out limits for Traditional IRA contributions for taxpayers who are active participants in qualified retirement plans * Roth IRA contribution phase-out limits as well as tax-free qualified distributions * Planning opportunities for conversions to ROTH IRAs * Rollover rules to/from different retirement accounts and the one-rollover-per-year limitation * The different options of receiving IRA distributions before age 59½ and avoiding the 10 percent early distribution penalty (including substantially equal periodic payments) * The required minimum distribution (RMD) rules from IRAs needed to avoid the 50 percent penalty after the account owner turns age 70½ or dies * The tax ramifications of spouse and nonspouse beneficiaries and how this affects the RMD calculation after the account owner’s death * Overview of health savings account (HSA) eligibility rules, contribution limits, and distribution rules
Who Should Attend
Professionals who 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
Additional Event Information
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.
If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected].
*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via phone or email 30 minutes prior to the start of a live online program.
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