Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2024 to receive credits
Find out what you need to know about the tax treatment rules concerning contributions to and distributions from traditional and Roth IRAs and how to apply them.
Publication Date: April 2021
Designed For
Tax practitioners; including Enrolled Agents and Registered Tax Return Preparers.
Topics Covered
- Traditional IRA Eligibility Rules
- Earned Income Defined
- IRA Contribution Limits
- Traditional IRA Contribution Deductibility
- Saver's Tax Credit
- Effect of Tax Deferral on Accumulation
- Traditional IRA Rollover Rules
- Traditional IRA to Roth IRA Conversions
- Traditional IRA Distribution Taxation
- Premature Distributions
- Non-Deductible Contribution Taxation
- Traditional IRA Lifetime RMDs
- Roth & Traditional IRAs Compared
- Roth IRA Contribution Limits
- Roth IRA Tax Treatment
- Roth IRA Qualified Distributions Tax Free
- Roth IRA Nonqualified Distributions Get FIFO Treatment
- Roth IRA Premature Distribution Tax Penalty
- Roth IRA RMD Rules
Learning Objectives
- Recognize and apply the rules governing eligibility for and contributions to traditional and Roth IRAs
- Identify the requirements and benefits related to a spousal IRA
- Recognize and Apply the tax treatment rules concerning contributions to and distributions from traditional and Roth IRAs
- Identify the maximum IRA contribution rates
- Identify how much your client can deduct when contributing to an IRA
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Paul J. Winn
Paul J. Winn, CLU, ChFC has over thirty years experience in the life insurance and investment industry. As well as fifteen years as a financial writer, editor, and trainer. Paul has worked for Mutual Life Insurance Company of New York, Security Mutual Life Insurance Company, Principal Financial Group, and the Maryland Financial Corporation.
Paul is a Published book author, writer & editor of major mutual life insurance company's agent-training "university", and the creator of more than 100 training courses in computer-based training, print and scripted classroom formats.