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 webinar will review the following types of IRA account types: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. This webinar will describe who is allowed to open and contribute to an IRA account during the taxable year. This webinar will identify when contributes are deductible and when they are not deductible. This webinar will describe the time allowed to rollover distributions and the ramifications of not completing rollovers within the allotted time. Finally, this webinar will describe when taxpayers are permitted to take distributions from an IRA account.
At the end of this webinar, students will be able to:
- 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 for 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: 3 CPE Credits for CPAs and EAs
Instructional Method: Group Internet Based
NASBA Field of Study: Taxes
Program Prerequisites: None
Advanced Preparation: None
Revision Date: April 6, 2021