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Tax Treatment Of Retirement Plans, Pensions And Annuities

  • CPA (US)
  • EA
  • AFSP
  • CFP® (US)
  • Maryland Tax Preparer
  • ORTP
  • CWS
  • CFIRS
  • Accountant/Bookkeeper/Tax Professionals

Free (Only Today)

3 Credits

Subject Area

Taxes
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

Employer-sponsored retirement plans, generally referred to in the aggregate as qualified employee plans, constitute one of the important “legs” of the retirement stool that individuals look to for their income in retirement. The other two legs of that stool are personal savings—through investment in securities, deferred annuities, savings accounts, etc.—and Social Security retirement benefits. This course will examine qualified employee plans, their limits and their tax treatment along with a discussion of annuities and their taxation.

Annuities offer their owners the opportunity to systematically liquidate a principal sum or save money for a long-term objective. For many annuity buyers, that objective is to provide income during retirement.  As we will see in our examination of annuities, they provide owners with a number of advantages; principal among them is their tax treatment.  By purchasing and investing in an annuity, a contract owner can avoid current income taxation of earnings.  By avoiding current income taxation, earnings that might have been used to pay current income taxes can be invested to produce additional income.  

Annuities’ tax advantages aren’t limited to tax deferral, however; annuities offer additional tax advantages.  For example, an investor purchasing a variable annuity can change his or her investment allocation in the contract’s variable subaccounts whenever desired.  Typically, such changes are made in order to implement new objectives or to modify the level of risk assumed.  From a tax point of view, the important issue is that the contract owner can make these changes without being required to recognize income as would be required if, for example, the investor liquidated his or her stock portfolio in order to purchase bonds.  In addition to these tax benefits, a contract owner that elects to annuitize his annuity contract, i.e. to take a periodic income from it, will find that part of each periodic income payment may be tax free as a return of his or her investment in the annuity contract

Learning Objectives

  • To distinguish between the types of qualified employee plans
  • To recognize the limits imposed on qualified employee plan contributions and benefits
  • List the requirements applicable to qualified employee plan loans
  • To apply the federal tax laws to qualified employee plan contributions and distributions
  • To recognize the changes made to retirement plans and pensions by the SECURE Act and the CARES Act
  • To recognize the tax treatment of nonqualified annuity distributions
  • To identify the tax treatment of annuity contributions and distributions.

Course Qualification

Webinar Qualifies For

  • 3 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 3 General Credit for Accountant/Bookkeeper/Tax Professionals
  • 3 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00692-21-S)
  • 3 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 3 CE Credit of Retirement Savings and Income Planning for Certified Financial Planner (CFP-US) (Approval No. 299030)
  • 3 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00692-21-S)
  • 3 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00692-21-S)
  • 3 CE Credit for Certified Wealth Strategist (CWS)
  • 3 CE Credit for Certified Fiduciary and Investment Risk Specialist (CFIRS)

Additional details

  • Course Level :
    Basic
  • Credits :
    3
  • 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 maintenance 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 through its website: www.NASBARegistry.org.

Presenter

About Presenter

Paul Winn, CLU, ChFC

Financial Writer, Editor & Trainer, Winn Publications

Paul J. Winn, CLU, ChFC has over thirty years experience in the life insurance and investment industry. As well as fifteen years as a financial writer, editor, and trainer. Paul has worked for Mutual Life Insurance Company of New York, Security Mutual Life Insurance Company, Principal Financial Group, and the Maryland Financial Corporation. Paul is a Published book author, writer & editor of major mutual life insurance company’s agent-training “university”, and the creator of more than 100 training courses in computer-based training, print and scripted classroom formats.

About Company

Welcome to my website. I am a writer of training and continuing education courses dealing principally with life insurance, health insurance, annuities and taxation.

I offer my courses and writing services in two ways, enabling clients to take advantage of distinct approaches in developing their continuing education and training libraries. These approaches involve a) licensing existing non-exclusive courses, and b) purchasing original courses written exclusively for their own use.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.
  • For Refund and Complaint Resolution Policy, CLICK HERE.

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