IRAs and Conversions
Author: Greg White
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course covers the essentials of IRAs. We’ll go well beyond the basics to cover crucial topics: when to convert traditional IRAs to Roth IRAs, how to minimize tax on conversion, and when clients should recharacterize IRA contributions (and how to recharacterize). We’ll also discuss how to get a waiver for clients who fail to take a required minimum distribution and other traps in the IRA area including prohibited transactions, excess contributions, and impermissible investments.
Publication Date: April 2024
Topics Covered
- Determine clients who are well suited for conversion from traditional to Roth IRAs
- When should clients recharacterize IRA contributions?
- What special traps are present in the IRA area?
- How to receive a waiver for clients who failed to take the proper required minimum distributions (updated for the SECURE Act 2.0)
- Requirement minimum distributions from inherited IRAs (updated for SECURE Act 2.0 and also 2023 IRS guidance)
Learning Objectives
- Identify clients who should convert traditional IRAs to Roth IRAs
- Identify clients who should recharacterize IRA contributions and how to recharacterize
- Determine who are the ideal beneficiaries of a particular IRA
- Identify the 2024 IRA regular contribution limit for taxpayers younger than 50
- Identify the 2024 income limit for making a nondeductible IRA contribution
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
