This course presents the critical role of tax planning in the creation and ultimate distribution of retirement plans and funds, including traditional and ROTH Individual Retirement Arrangements, employer-sponsored retirement plans, IRS contribution limits and related gross income concerns for retirement plans, deductions, and Social Security tax issues. Continuing, the course provides an in-depth look at transfers and rollovers of various accounts, study sheets that contain current tax information, conversions and recharacterizations, withdrawals and distribution of funds and related tax concerns, penalties for violations, qualified and nonqualified annuities, payment taxation, periodic and nonperiodic distributions, survivors and beneficiaries, and how estates might be taxed.
Specifically, the course considers recent changes to IRAs, what’s new, qualified disaster contributions, early distribution allowances and limitations, birth or adoption distributions, terminally ill persons, modified adjusted gross income (MAGI) and adjusted gross income (AGI) concerns, excise tax potential, required minimum distributions (RMDs) and the revised rules, charitable distributions, non-spouse beneficiaries, loan offsets, Form 8606 and its implications, opening IRAs, what is and what is not considered compensation, qualified reservist payments, and numerous examples to provide context.
The course continues with when contributions may be made, the Kay Bailey Hutchison Spousal IRA, what if a person is covered by an employer-sponsored retirement plan and factors to consider, reporting requirements, what is a cost basis, inherited IRAs, moving retirement plan assets, divorce issues, waivers, various types of retirement plans and their allowances, defined benefit and defined contribution plans, recharacterization, restrictions, and required notifications, prohibited transactions, collectibles, excess contributions, insufficient distributions/excess accumulations, ROTH distribution amount priorities, differentiating types of annuities and pensions, self-employed individuals, disability pensions, retired public safety officers, railroad retirement benefits, taxable amounts and cost, reporting, simplified and general rule reporting requirements, loans from plan funds, tax-free transfers, lump-sum distributions, the 10-year option, additional taxes, early distributions and exceptions, and the course concludes with a dive into survivors and beneficiaries of pensions and annuities, estate tax deduction(s), and qualified disaster relief.
Course Format: Text
Credit Type: Federal Tax Topic
Course ID(s): UUBXU-U-00095-26-S
Approved By: Internal Revenue Service
