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| Author : | Andrew Clark, EA |
| Course Length : | Pages: 46 ||| Word Count: 27,033 ||| Review Questions: 12 ||| Final Exam Questions: 20 |
| CPE Credits : | 4.0 |
| IRS Credits : | 4 |
| Price : | $35.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2342 |
| Description : | Individual retirement accounts are investing tools that permit individuals to set aside money for retirement in a way that is preferential from a tax standpoint. This course will review the following types of IRA accounts: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. This course will describe who is allowed to open and contribute to an IRA account during the taxable year. This course will identify when contributions are deductible and when they are not deductible. This course will describe the time allowed to rollover distributions and the ramifications of not completing rollovers within the allotted time. Finally, this course will describe when taxpayers are permitted to take distributions from an IRA account. |
| Usage Rank : | 151667 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | Basic understanding of federal income taxation concepts. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
IRS Newsroom
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 31-Jul-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2342 |
| Keywords : | Taxes, Individual, Retirement, Accounts, 2024, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives At the end of this course, students will be able to:
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| Course Contents : | Chapter 1 - Individual Retirement Accounts for 2024 Course Learning Objectives Introduction Part 1 - Traditional IRAs Retirement Planning Starting Retirement Planning Retirement Investment Tools IRAs Defined Individual Retirement Account Individual Retirement Annuity Roth IRA SIMPLE IRAs Simplified Employee Pension (SEP) IRA Tax Advantages of a Traditional IRA Who can open a Traditional IRA Compensation Fully Vested Shareholder Status Qualified Contributions Contribution Limits Multiple IRA Accounts Less Than Maximum Contributions More Than Maximum Contributions Inherited IRAs Inherited from a Spouse Spousal IRA Limit Participation in an Employer Retirement Plan Deductible Contributions Active Participant Defined Deductible Contributions to a Traditional IRA MAGI Phase Out Amounts Form 8606. Modified AGI Worksheet Rollovers Time Limit for Making a Rollover Contribution Rollovers Not Completed within the 60-day period. Obtaining a Waiver Automatic Waiver Waiting period between rollovers. Rollover From Employer's Plan Into an IRA Eligible Rollover Distribution. Nonspouse Beneficiary Rollover Withholding Requirement. Other Withholding Rules. Same Property Rollover Sale of Property at a Gain or Loss Transfers Incident to Divorce Changing the name on the IRA Direct transfer Converting from Any Traditional IRA Into a Roth IRA Required Distributions Income Recharacterizations Recharacterizations are Not Permitted for Conversions Made in 2018 or Later Conversion by Rollover from Traditional IRA to a Roth IRA Repeal of Special Rule Permitting Recharacterization of IRA Contributions Recharacterizing Excess Contributions Reconversions Distributions Uniform Lifetime Table Distributions during a taxpayer’s lifetime Sole beneficiary spouse who is more than 10 years younger Collectibles Prohibited Transactions Basis in a Traditional IRA (Form 8606) Penalties Excess Contributions Premature Distributions Excess Accumulations Part 1 - Review Questions Part 2 - Roth IRA, SIMPLE IRA, and SEP IRAs Roth IRAs Income Limits Contribution Limit Withdrawal of excess contributions Losses in Roth IRAs No Age Limit Qualified Distributions Nonqualified Distributions Rollovers and Conversions Rollovers from Roth IRAs Conversions of Traditional IRAs Rollovers from Qualified Plans Recharacterization of IRA contributions SIMPLE IRA Plans and SEPs SIMPLE IRA Plans Establishing SIMPLE IRAs SIMPLE IRAs – Employee and Employer Contributions Employee Contributions Matching Employer Contributions Nonelective Contributions SIMPLE Plans – Eligible Employers and Employees Simplified Employee Pensions (SEPs) Establishing a SEP-IRA Top-heavy SEP SARSEPs Part 2 - Review Questions Glossary |
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