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

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CFA
  • EA
  • ORTP
  • CPA/PFS
  • TEP
  • ChFC
  • CSA
  • MRTP
  • ERPA
  • CPFA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CIPM
  • CFIRS
  • CWS

Published: February, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Why is it important to file 8606?
    4 mins
  • Contributions to traditional IRAs
    5 mins
  • Nondeductible IRA contributions
    25 mins
  • Recreating cost basis
    43 mins
  • Distributions from traditional IRAs
    57 mins
  • What if you have basis in employer plans
    77 mins
  • Qualified charitable contributions
    90 mins

Course Description

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 clients' 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 a 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 from 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 to analyze how to report Roth conversions on Form 8606.

Learning Objectives

  • 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.

Recommended For

  • This IRS-Approved CE/CPE webinar is recommended for CPA, CFE, EA, CPA/PFS, TEP, CTEC, ChFC®, CSA, ERPA, FSCP®, CASL, ChSNC, RICP, WMCP, AFSP, Tax Professionals, Tax Directors, Tax Practitioners, and Tax Attorneys desiring to understand everything about preparing Form 8606.
  • This CE/CPE course is insightful for tax managers, CFOs, controllers, compliance managers, risk managers, and business owners.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Trust & Estate Tax Professional
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 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 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00855-21-S)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00855-21-S)
  • 2 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
  • 2 CPD Credit for Trust and Estate Practitioners (TEP)
  • 2 CPE Credit of Retirement Planning for Chartered Financial Consultant (ChFC)
  • 2 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00855-21-S)
  • 2 CPE Credit of Retirement Planning for Financial Services Certified Professional (FSCP)
  • 2 CPE Credit of Retirement Planning for Chartered Advisor in Senior Living (CASL)
  • 2 CPE Credit of Retirement Planning for Chartered Special Needs Consultant (ChSNC)
  • 2 CPE Credit of Retirement Planning for Retirement Income Certified Professional (RICP)
  • 2 CPE Credit of Retirement Planning for Wealth Management Certified Professional (WMCP)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 CE Credit for Certified Plan Fiduciary Advisor (CPFA)
  • 2 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-00959-22-S)
  • 2 PL Credit of Retirement Planning for Certificate In Investment Performance Measurement (CIPM)
  • 2 PL Credit of Retirement Planning for Chartered Financial Analyst (CFA)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • 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.

CTEC APPROVED

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

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

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. 


About Company

Pon & Associates

www.larryponcpa.com/

We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

We provide a variety of services including:

  • Income Tax Preparation for all types of businesses, individuals, trusts, and estates.
  • IRS and State Audit Representation
  • Financial Planning
  • Estate Planning and Preparation
  • Business startup services including Business Planning
  • Tax Planning and Consulting
  • Charitable Planning

Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.

Faq

FAQs content

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  • 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.
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Ratings and Review

4.5

23 Ratings

Excellent

16

Very Good

5

Average

1

Poor

0

Terrible

1

KB

Kathleen Barrett, EA

Jan 25th, 2022

A great presentation and speaker. Your examples really helped my understanding.

MT

Montgomery Taylor, CFP (US), CPA (US)

Mar 5th, 2022

the dashboard doesn't take me back to resume courses started earlier! The questions, during the course, get frozen, if you miss one, and you have to exit the program and start over. At least one of the exam questions had nothing to do with the course materials!

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