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.
Enter your qualification details to ensure this course is counted toward your compliance.
Add your qualification details to easily track your compliance. You can also add multiple qualifications for comprehensive coverage.
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Pre-requisites
Advance Preparation
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John Paul Ruiz has spent more than 30 years as a consultant and trainer in the retirement and financial services industry. Prior to joining SEPIRAk, Ruiz served as Director of Professional Development for The Entrust Group, a self-directed IRA Administrator, his duties involved compliance oversight of all organizational operational procedures and policies, print and electronic materials, staff education and others. He was also the creator of the IRA Academy, a preparatory course for the American Bankers Association’s Certified IRA Services Professional, CISP, designation. Prior to Entrust, Ruiz was the Vice President of Professional Development for Integrated Retirement Initiatives, LLC. His responsibilities involved developing and delivering retirement plan training to financial advisors as well compliance personnel to some of the largest institutions offering retirement products and solutions. With his comprehensive knowledge of alternative investments, his consulting and training expertise was sought after by numerous third-party administrators in the self-directed IRA market. His former positions include Director of Resource Development for the Retirement Products & Solutions division of Acensus (formerly BISYS Retirement Services). Ruiz was responsible for overseeing the development and delivery of the Ascensus professional development and training services using a broad spectrum of media including:
In high demand as a speaker in the retirement services industry, Ruiz has been a featured keynote speaker and industry expert at numerous regional and national conferences. Ruiz has served as a member of the faculty of national schools including the American Bankers Association (ABA) Trust School and the Graduate School of Banking at the University of Wisconsin – Madison. Ruiz has also served on the faculty of the IRA Institute, which serves as preparatory course for retirement professionals pursuing the Certified IRA Services Professional (CISP) designation offered through the Institute of Certified Bankers (ICB) or the Certified IRA Professional (CIP) designation offered through the National Association of Federal Credit Unions (NAFCU).
Ruiz has become well-known in the industry for his ability to help financial advisers understand how to create selling opportunities by building their retirement plan expertise and staying on top of legislative and regulatory developments.
During his tenure with Ascensus, Ruiz also held position as senior ERISA consultant and as manager of the ERISA Support Call Center, a fee-for-service hotline that provided ERISA technical support to financial services professionals. Prior to Ascensus, Ruiz served as a relationship manager for several key alliance partners in the recordkeeping division of Universal Pension, Inc. Prior to joining Universal Pensions Inc. he worked in the consumer loan division of Wells Fargo Bank. Ruiz earned the Qualified 401(k) Administrator (QKA) designation from the American Society of Pension Professionals & Actuaries (ASPPA) and holds a Certified IRA Service Professional (CISP) certification through the American Bankers Association’s Institute of Certified Bankers (ICB).
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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.
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.
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.
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.
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.
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