PRACTICAL GUIDE TO IRAS – CONTRIBUTIONS & DISTRIBUTIONS FOR TRADITIONAL, ROTH, SEP & SIMPLE IRAS

4.4 (20)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

  • CPA
  • EA
  • CTEC
  • TAX PROS
  • PFS
  • AFSP
  • TEP

Credits: 8 CPE | 8 CE

$120

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CPD credit (Verifiable) of Personal Financial Planning Process for PFSs

8 CPD credit (Verifiable) for Trust and Estate Practitioners

8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

8 CE credit of Federal Tax for Oregon Tax Preparers

8 CE credit of Federal Tax for Maryland Tax Preparers

8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

8 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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

Overview

  • Individual Retirement Account (IRA) Background28 mins
  • Nondeductible Traditional IRA Contributions50 mins
  • Conversion to Roth IRAs84 mins
  • Deducting an Excess Contribution in a Later Year141 mins
  • Salary Reduction Simplified Employee Pension (SARSEP)175 mins
  • Simple IRA Contribution Limits & Distributions192 mins
  • 60 Day Rollover Rule221 mins
  • Penalty-Free Withdrawals from Retirement Plans for Individuals in Case of Birth of Child or Adoption257 mins
  • Appendix Life Expectancy & Mortality Tables294 mins
  • RMDs During Employees Lifetime322 mins
  • Exception for Eligible Designated Beneficiaries363 mins

Course Description

Opening, funding, distributions, taxation rollovers, and beneficiaries are all important facets of dealing with the regular and Roth IRA including employer IRAs. The tax rules associated with the IRA can be incredibly complex particularly in the area of distributions and beneficiaries. We will work through these complexities as well as the issues to help you assist your clients in dealing with the critical decisions necessary to take full advantage of the powerful tax and distribution opportunities that congress has imparted on the IRA.

This comprehensive training is designed to get the accountant up to speed quickly with the different types of individual retirement accounts (IRAs). The cornerstone of the course is in-depth coverage of the contribution and distribution rules to the Traditional, Roth, Simplified Employee Pension (SEP), and Savings Incentive Match Plan for Employees (SIMPLE) IRAs. The course will also discuss the basics of the health savings account (HSA) as well as any newly enacted tax legislation related to IRAs.

We will use all real-life examples & case studies to gain practical understanding.

MAJOR TOPICS

  • An emphasis on newly enacted tax legislation affecting IRAs including the those made by the SECURE & CURES Act
  • Contribution limits to and tax treatment of distributions from Traditional, Roth, SEP and SIMPLE IRAs
  • Deductible phase-out limits for Traditional IRA contributions for taxpayers that are active participants in qualified retirement plans
  • Roth IRA contribution phase-out limits as well as tax-free qualified distributions
  • Planning opportunities for conversions to ROTH IRAs
  • Rollover rules to/from different retirement accounts and the one-rollover-per-year limitation
  • The different options of receiving IRA distributions before age 59 ½ and avoiding the 10% early distribution penalty (including substantially equal periodic payments)
  • The required minimum distribution (RMD) rules from IRAs needed to avoid the 50% penalty after the account owner turns age 72 or dies
  • The tax ramifications of spouse and non-spouse beneficiaries and how this affects the RMD calculation after the account owner’s death
  • Overview of health savings account (HSA) eligibility rules, contribution limits and distribution rules

J. Patrick Garverick is one of the most admired and best-reviewed Tax Speaker in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again 

  • For Quality of Content
  • For Relevance and Practical Case studies
  • For Best Teaching Approach
  • For Best Course Material

Awards and Accolades

  • Award for Instructor Excellence for California Education Foundation
  • Award for Outstanding Course materials for California Education Foundation.
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. The book is copyright protected.

Learning Objectives

  • To recognize the tax and non-tax advantages and disadvantages of the various IRAs (i.e. Traditional, Roth, SEP, ​ SIMPLE and HSAs)
  • To learn how to calculate the maximum contributions to and taxable distributions from the various IRAs
  • To recall the exceptions to the 10% early withdrawal penalty from IRAs
  • To explain the rules and compute the required minimum distribution (RMD) from the IRAs during an account owner’s life (i.e. turns age 70 ½) and after their death
  • To identify the foundational tax concepts of retirement distribution planning.

Who Should Attend?

  • Enrolled Agent
  • Tax Attorney
  • Tax Practitioners
  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • Tax Pros
  • Cybersecurity Pros
  • CPA (Industry)
  • Tax Firm
  • Young CPA
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Senior Accountant
  • Accounts Director
  • Entrepreneurial Accountant
  • Tax Managers
  • Accounting Managers
  • Tax Preparer
  • Staff of Accounting Firm

Testimonial

4.4

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RM

The info presented was timely and well presented with enough examples of clear action items for me to accomplish. Well worth the time. I will be looking at his other webinars for more info

VF

A lot of good in depth content.

LS

Great presentation and very engaging

DZ

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