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IRAs – Contributions & Distributions for Traditional, Roth, SEP & SIMPLE IRAs


Total Credits: 8 including 8 Taxes - Technical

Average Rating:
   13
Categories:
Partner Produced |  Tax
Faculty:
J. Patrick Garverick, CPA, MT, CFP
Course Levels:
Intermediate
Duration:
8 Hours
License:

Dates


Description

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 an 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.

Basic Course Information

Learning Objectives
  • Compare and contrast the tax and non-tax advantages and disadvantages of the various IRAs (i.e. Traditional, Roth, SEP, SIMPLE and HSAs)
  • Calculate the maximum contributions to and taxable distributions from the various IRAs
  • List the exceptions to the 10% early withdrawal penalty from IRAs
  • Explain the rules and compute the required minimum distribution (RMD) from the IRAs during an account owner’s life (i.e. turns age 70½) and after their death

Major Subjects

Each attendee will receive the most comprehensive IRA reference manual with numerous practice aids, examples and required minimum distribution tables. Topics include but are not limited to:

  • An emphasis on newly enacted tax legislation affecting IRAs including the those made by the Tax Cuts & Jobs Act (TCJA)
  • An emphasis on newly enacted tax legislation affecting IRAs
  • 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 70 ½ 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

Course Materials

Faculty

J. Patrick Garverick, CPA, MT, CFP Related Seminars and Products


J. Patrick "Pat" Garverick began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began his own tax and financial planning business as well as writing, reviewing and teaching tax and financial planning CPE training courses around the country. As an award winning discussion leader, his knowledge, expertise and high energy have made him one of the profession’s highest rated speakers resulting in numerous perfect scores for both knowledge and presentation skills.


Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For Professionals that advise clients on all aspects of IRAs and want to maximize retirement plan contributions, minimize the taxes on distributions and learn the ins and outs of distributions from these accounts.
Original Recording Date 06/18/2019
Yellow Book No
Course Developer MICPA
Date Added to Catalog 04/17/2019

Additional Information

Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement Business Professionals' Network, Inc. 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
Instructional Delivery Method Group Internet Based
Course Registration Requirements Online Registration
Refund/Cancellation Policy Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.

Reviews

5
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1

Overall:      4.9

Total Reviews: 13

Comments

Teresa J

"Patrick is one of the best presenters I have seen on aicpa! Great info and he makes everything clear to understand."