Individual Retirement Accounts for 2020

Author: Andrew Clark

CPE Credit:  4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC

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.

Publication Date: April 2020

Topics Covered

  • Review IRA account types: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs
  • Who is allowed to open and contribute to an IRA account during the taxable year
  • When contributions are deductible and when they are not deductible
  • Time allowed to rollover distributions and the ramifications of not completing rollovers within the allotted time.
  • When taxpayers are permitted to take distributions from an IRA account

Learning Objectives

  • 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

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $77.00

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