myCPE

All Courses, One Price. Unlimited Access and Many Benefits.

Subscribe $199

April Accelerate Sale 2024 : 67% Savings on Subscription. Offer Ends Soon! April Accelerate Sale 2024 :
67% Savings on Subscription. Offer Ends Soon!
00hrs : 00min : 00sec

View Offer

Form 8606: Nondeductible IRAs - Reporting IRA Withdrawals and Roth Conversions 2 Credits

Form 8606: Nondeductible IRAs - Reporting IRA Withdrawals and Roth Conversions 2 Credits

  • Lawrence Pon

    CPA/PFS, CFP, EA, USTCP, AEP
  • Rating

    4.7
  • Published on

    December, 1969
  • Subject Area

    Taxes

Learning mode

  • Access the course at your convenience
  • Take the assessment test
  • Get your certificate
  • Answer the polling questions
  • Get your certificate

Dec 19, 12:30 PM ET

Learning Objective

  • To discuss an introduction to Form 8606.
  • To analyze deductible contribution limits.
  • To inspect the tax consequences of various retirement plan distributions.
  • To review Roth conversions and how to report on Form 8606.
  • To analyze how to calculate the taxable portion of an IRA withdrawal.
  • To discuss tips on how to obtain information on nondeductible contributions from prior years.

Course Overview

Tax Form 8606, Nondeductible IRAs, has become increasingly important thanks to the popularity of Roth IRAs and the rollover eligibility of after-tax assets from qualified plans offered by employers, such as a 401(k) or 403(b).

Form 8606 can be one of the most useful forms for our client's tax returns. 

Our clients may be making nondeductible IRA contributions which need to be reported on Form 8606. Also, if your clients inherit any traditional IRAs, they need to ask the executor if the decedent had Form 8606. If not, your client may be overpaying their taxes. 

Before 1986, all IRA contributions were pre-tax. However, starting in 1987, some IRA contributions may not be deductible. Hence, the co-mingling of deductible and nondeductible contributions. There are penalties for non-filing Form 8606 and for overstating a nondeductible contribution.

Tax professionals need to understand the complexities of this form and this CE/CPE webinar will help with that.

A distribution from a traditional, SEP or SIMPLE IRA deposited to a Roth IRA is a conversion contribution. The amount distributed is subject to the prorated taxation rules described above. An individual may also have regular contributions and earnings in a Roth IRA

This CE/CPE Tax Webinar will also help you analyze how to report Roth conversions on Form 8606.

Major topics discussed in this course:

  • Form 8606
  • Nondeductible Contributions and Limits 
  • Distributions from IRAs 
  • Traditional IRA, SEP, and SIMPLE
  • Nondeductible IRA and Roth
  • Inherited IRAs
  • Roth conversions from traditional, SEP, and SIMPLE IRAs
  • Recharacterizations • Unfiled or incorrect filings

  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00855-21-O)
  • 2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0796)
  • 2 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
  • 2 PL Credit of Retirement Planning for Chartered Financial Analyst (CFA)
  • 2 CE Credit of Retirement Planning for Chartered Financial Consultant (ChFC)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00855-21-O)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00855-21-O)
  • 2 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 2 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (ERPA) (Approval No. GEHNZ-Q-00959-22-O)
  • 2 CPD Credit for Trust and Estate Practitioners (TEP)
  • 2 CE Credit of Retirement Planning for Retirement Income Certified Professional (RICP)
  • 2 CE Credit of Taxes for Certified Wealth Strategist (CWS)
  • 2 CE Credit of Taxes for Certified Fiduciary and Investment Risk Specialist (CFIRS)
  • 2 CE Credit of Retirement Planning for Chartered Life Underwriter (CLU)
  • 2 CE Credit of Federal tax-related matters for LTC (Approval No. GEHNZ-T-00855-21-O)
  • 2 CE Credit of Retirement Planning for Financial Services Certified Professional (FSCP)
  • 2 CE Credit of Retirement Planning for Certified Plan Fiduciary Advisor (CPFA)/Qualified Plan Financial Consultant (QPFC)
  • 2 CE Credit of Retirement Planning for Wealth Management Certified Professional (WMCP)
  • 2 CPE Credit of Taxes for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CE Credit of Retirement Planning for Chartered Advisor in Senior Living (CASL)
  • 2 PL Credit of Retirement Planning for CIPM
  • 2 CE Credit of Retirement Planning for Chartered Advisor in Philanthropy (CAP)
  • 2 CE Credit of Retirement Planning for Chartered Special Needs Consultant (ChSNC)
  • 2 CPE Credit of Taxes for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Taxes for Delaware Licensed Public Accountant (DE-LPA)

Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA 

Mr. Pon has been in tax practice since 1986 and speaks regularly to tax professionals and financial advisors on the latest tax planning and preparation topics.  

Mr. Pon enjoys helping his clients reach their financial goals through comprehensive tax planning and financial planning. 

Mr. Pon received his BS in Business Administration (Accounting & Finance) from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco. 


On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

4.7

Excellent

Very Good

Average

Poor

Terrible

MB

Michael Boyle, AFSP

This was well-constructed course that covers the breadth of Form 8606 IRA reporting requirements. Mr. Pon is always an outstanding in the preparation and presentation of his courses. He brought a lot of insight to this topic because of his extensive background as a tax practitioner and financial advisor.

BP

Bonnie Petri, EA

Pons is such a good instructor. i really enjoyed the class. I've always had a mental block about IRAs and retirement plans, but he fixed that. Now i understand completely and am not always having to look things up. he made it common sensical. Great job

Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

  • Credit Tracker
    Credit Tracker

    Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.

  • Certificate Vault
    Certificate Vault

    Certificate Vault to upload, manage, and access certificates earned from various sources and an integrated credit tracker, allowing users to monitor and manage their credits conveniently for compliance.

  • Compliance Reminders
    Compliance Reminders

    Stay current with our automated reminder system. Receive timely alerts for your CPE requirements, ensuring you never miss a deadline.

  • Mobile App Access
    Mobile App Access

    The myCPE Mobile App allows you to learn on the go, providing access to educational content on Android and Apple iOS devices. You can learn anytime and anywhere, making it convenient for busy schedules.

  • Live Support
    Live Support

    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

Exclusive
mobile app for
our unlimited access
subscribers