IRA Contributions: Traditional IRA and Roth IRA 1 Credit
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It's never too early to plan for retirement—your present choices can shape your future. Besides employer-sponsored plans, an Individual Retirement Account (IRA) offers an additional way to save and potentially reduce taxes. Explore the various types of IRAs, each with unique rules and benefits.
Diverse regulations govern the contributors and contribution limits for both Traditional and Roth IRAs. The Secure Act of 2019 brought about changes in the eligibility criteria for contributing to a Traditional IRA. These retirement accounts provide the advantage of tax-deferred growth for Traditional IRAs and tax-free distributions for Roth IRAs.
One appealing aspect for taxpayers is the tax deduction offered when contributing to a Traditional IRA, which helps reduce taxable income. However, not all contributors to Traditional IRAs qualify for this deduction, particularly if they are covered by an employer plan. This CE Tax course delves into the rules guiding the determination of deductibility, aiming to educate tax professionals on this aspect.
In cases where a tax deduction is not permissible, Traditional IRA holders can still make non-deductible contributions, commonly known as non-deductible contributions. These contributions need to be meticulously tracked by the IRA holder using IRS Form 8606, which must be included in their tax return. This process ensures the tracking of the basis (non-deductible contribution) to prevent future taxation on these amounts.
For those ineligible for a Traditional IRA deduction, contributing to a Roth IRA becomes an alternative. The Modified Adjusted Gross Income of a taxpayer plays a crucial role in determining eligibility for Roth IRA contributions. Furthermore, there are additional benefits in the form of tax credits available to certain IRA contributors with Adjusted Gross Incomes below specific thresholds. This advantageous benefit, known as the Saver’s Tax Credit, is often overlooked by a significant percentage of taxpayers when filing their tax returns.
Major topics covered in this course:
Join this course, which will discuss IRS Form 5498, providing IRA holders with the necessary proof for contributions made to Traditional, SEP, SIMPLE, and Roth IRAs.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01811-23-S) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01811-23-S) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1451) | 1 CE | Approved |
| Retirement and Financial Independence Planning for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Taxes for Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01811-23-S) | 1 CE | Approved |
| Taxes for Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 1 CPD | Eligible |
| Taxes for Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Retirement Planning for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01811-23-S) | 1 CE | Eligible |
| Retirement Planning for Certified Plan Fiduciary Advisor (CPFA)/Qualified Plan Financial Consultant (QPFC) | 1 CE | Eligible |
| Retirement Planning for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Retirement Planning for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01811-23-S) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Retirement Planning for Chartered Advisor in Philanthropy (CAP) | 1 CE | Eligible |
| Retirement Planning for Chartered Life Underwriter (CLU) | 1 CE | Eligible |
| Retirement Planning for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Retirement Planning for CIPM | 1 PL | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01811-23-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01811-23-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1451) | 1 CE | Approved |
| Retirement and Financial Independence Planning for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Retirement Planning for Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Retirement Planning for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01811-23-O) | 1 CE | Approved |
| Tax Planning for Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 1 CPD | Eligible |
| Tax Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Retirement Planning for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01811-23-O) | 1 CE | Eligible |
| Retirement Planning for Certified Plan Fiduciary Advisor (CPFA)/Qualified Plan Financial Consultant (QPFC) | 1 CE | Eligible |
| Retirement Planning for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Retirement Planning for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01811-23-O) | 1 CE | Approved |
| Retirement Planning for Chartered Advisor in Philanthropy (CAP) | 1 CE | Eligible |
| Retirement Planning for Chartered Life Underwriter (CLU) | 1 CE | Eligible |
| Retirement Planning for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Retirement Planning for CIPM | 1 PL | Eligible |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
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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.
John is a seasoned consultant and trainer in the retirement and financial services industry with over 20 years of expertise. Established for his knowledge of alternative investments, retirement plans, and regulatory compliance, John has helped financial advisors and professionals navigate the complexities of the financial landscape.
Highly sought speaker in the retirement services industry, a keynote speaker and expert at numerous regional and national conferences.
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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.
EM
Great course, I would like to have a better understanding of how IRA contributions are phased out (an example) for incomes between totally allowable and not allowable. For instance, it the contribution disallowed $1 for ever $2 over the stated amounts, etc.
MB
The webinar was quick and to the point. It covered the stated materials. An additional add-on for this topic would be to explain what happens if a taxpayer exceeds their annual contribution amount.
.webp "Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)")
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