IRAs – Contributions & Distributions for Traditional, Roth, SEP & SIMPLE IRAs
Total Credits: 8 including 8 Taxes - Technical
- Average Rating:
- 43
- Categories:
- ACPEN Industry Institute | Tax | ACPEN Tax Institute | IRS Approved
- Faculty:
- J. Patrick Garverick, CPA, MT, CFP®
- Course Levels:
- Intermediate
- Duration:
- 8 Hours
- License:
- Product Setting: Expires 90 day(s) after program date.
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.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
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 72 ½) and after their death
Major Subjects
- An emphasis on newly enacted tax legislation affecting IRAs including the NEW final required minimum distribution (RMD) regulations
- 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
Course Materials
| Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (442.7 KB) | Available after Purchase | ||
| irs-ce-credit-request-form_2023_IRAs – Contributions & Distributions (344.6 KB) | Available after Purchase | ||
| IRAS Copyright and Participation Instructions - UPDATED 11-19-24 (2.7 MB) | Available after Purchase | ||
| IRAS eBook - UPDATED 11-19-24 (6.8 MB) | Available after Purchase | ||
Faculty
J. Patrick Garverick, CPA, MT, CFP® Related Seminars and Products
Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He 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 operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.
In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.
During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.
Dates
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Mon, Dec 30, 2024 - 09:00am to 04:37pm CST
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Fri, Jan 10, 2025 - 09:00am to 04:37pm CST
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Thu, Feb 20, 2025 - 09:00am to 04:37pm CST
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Wed, Dec 03, 2025 - 09:00am to 04:37pm CST
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Additional Info
Basic Course Information
Prerequisites NoneAdvanced Preparation Background in individual and business income tax law
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 08/2023
Course Developer The Tax U
Date Added to Catalog 08/26/2023
Yellow Book No
Additional Information
Complaint Resolution PolicyPlease 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.
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