Individual Retirement Accounts for 2020 (Currently Unavailable)
Author: Andrew Clark
| CPE Credit: |
4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC |
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
