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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 36 ||| Review Questions: 11 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 3 |
| Price : | $26.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 428 |
| Description : | Federal tax policy is designed to accomplish numerous goals, from funding government to encouraging socially-beneficial actions such as saving for retirement. ERISA, the Employee Retirement Income Security Act, was created principally to meet the latter objective. ERISA created an individual retirement arrangement—usually referred to simply as an IRA—to encourage taxpayers who were not participants in an employer-sponsored qualified retirement plan to save money to fund their future retirement needs. That was the initial legislative action. In order to participate, you needed to be employed and not a participant in a pension, profit-sharing or other qualified plan. These early ERISA provisions offering tax benefits to individuals funding IRAs have been extended in subsequent legislative actions to:
Early expansion of the IRA provisions added a spousal IRA that is designed to provide retirement assistance to uncompensated homemakers. It was also expanded to allow employees who are covered under an employer-sponsored qualified pension or profit-sharing plan to contribute to an IRA. Since that earlier ERISA expansion related to IRAs, new IRAs have been added, including Roth IRAs that offer tax-free qualified distributions rather than deductible contributions. In order to differentiate the newer Roth IRA from its earlier cousin, the original IRA is now referred to as a “traditional” IRA. |
| Usage Rank : | 13478 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Topic No. 451 Individual Retirement Arrangements (IRAs)
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 24-Jan-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 - Registered Tax Return Preparers - 428 |
| Keywords : | Taxes, Tax, Treatment, Individual, Retirement, Arrangements, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives Upon completion of this course, you should be able to:
Chapter 1
Chapter 2
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| Course Contents : | Course Learning Objectives Introduction Chapter 1 - Traditional IRAs Introduction Chapter Learning Objectives Traditional IRA Eligibility Rules Earned Income Limits on Contributions Traditional IRA Tax Considerations Traditional IRA Contributions Tax Treatment of Contributions by Active Participants Tax Credits Traditional IRA Accumulations Traditional IRA Rollovers Eligible Rollover Distributions Rollover of Qualified Birth or Adoption Distributions Providing Permanent Rules for Qualified Federally-Declared Disasters Distributions Ineligible for Rollover Direct and Indirect Rollovers Indirect Rollovers Subject to Timing and Frequency Limitations EGTRRA Permits Rollover of After-Tax Contributions Traditional IRA Distributions Premature Distributions Premature Distributions Avoiding Tax Penalty Repaying Qualified Birth or Adoption and Other Permitted Distributions Pro-Rata Distribution of Non-Deductible Contributions Required Distributions during Owner’s Lifetime Required Minimum Distribution Amount IRA Qualified Charitable Distribution Changes Charitable Split-Interest Entities IRA Charitable Distribution Rules Required Distributions at Owner’s Death Death Before an Owner’s Required Beginning Date Before 2020 Life Expectancy Rule Five-Year Rule Surviving Spouse’s Election Owner’ Death After 2019 IRS Proposed Regulations – February 2022 IRS Notice 2022-53 IRS Notice 2023-54 Eligible Designated Beneficiaries Not Limited to 10-Year Rule SECURE Act 2.0 – Surviving Spouse Beneficiaries Uniform Lifetime vs. Single Lifetime Table Revised Life Expectancy – Beneficiaries’ RMD Transition Rules Summary Review Quiz Chapter 2 - Roth IRAs Introduction Chapter Learning Objectives Definition & Eligibility Limits on Contributions Transfer of Limited §529 funds to Roth IRAs Roth IRA Tax Considerations Qualified Distributions Tax-Free Non-Qualified Distributions Receive FIFO Tax Treatment Non-Qualified Gain Distributions Before 59 ½ Subject to Tax Penalty No Required Lifetime Distributions Roth IRA Conversions & Transfers Roth IRA Death Benefit Distributions – Death Before 2020 Life Expectancy Rule Five-Year Rule Roth IRA Owner’s Death Occurring After 2019 Eligible Designated Beneficiaries Not Limited to 10-Year Rule Summary Review Quiz Glossary |
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