Individual Retirement Accounts for 2020

Author: Andrew Clark

Individual retirement accounts are investing tools that permit individuals to set aside money for retirement in a way that is preferential from a tax standpoint.

Publication Date: April 2020

Topics Covered

• Review IRA account types: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs
• Who is allowed to open and contribute to an IRA account during the taxable year
• When contributions are deductible and when they are not deductible
• Time allowed to rollover distributions and the ramifications of not completing rollovers within the allotted time.
• When taxpayers are permitted to take distributions from an IRA account

Learning Objectives

• Identify the requirements for serving as a trustee for an IRA account
• Recognize the requirements for opening a traditional IRA account
• Recognize the maximum contribution that can be made by a taxpayer to an IRA account
• Calculate the amount of a partial deduction to an IRA account
• Identify when a taxpayer must start receiving distributions form an IRA account
• Calculate the amount of minimum distributions from an IRA account
• Recognize prohibited transactions for an IRA account
• Recognize the maximum contribution that can be made by a taxpayer to a Roth IRA account

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None