Course Individually
Course Description
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. This course will review the following types of IRA accounts: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. This course will describe who is allowed to open and contribute to an IRA account during the taxable year. This course will identify when contributions are deductible and when they are not deductible. This course will describe the time allowed to rollover distributions and the ramifications of not completing rollovers within the allotted time. Finally, this course will describe when taxpayers are permitted to take distributions from an IRA account.
Learning Objectives
At the end of this course, students will be
- 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.
CPE Credit: 4 CPE for CPAs and EAs
Level: Intermediate
Instructional Method: Self-Study
NASBA Field of Study: Taxes
Program Prerequisites: Basic understanding of federal income taxation and estate concepts.
Advanced Preparation: None
Revision Date: January 9, 2024
