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Course Details

Individual Retirement Accounts (Course Id 2465)

New / QAS / Registry / EA
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Author : Paul Winn, CLU, ChFC
Course Length : Pages: 77 ||| Word Count: 35,378 ||| Review Questions: 23 ||| Final Exam Questions: 30
CPE Credits : 6.0
IRS Credits : 6
Price : $53.95
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 2465

Description :

Individual Retirement Accounts examines the rules governing traditional and Roth IRAs, Education IRAs (now called Coverdell Education Savings Accounts), simplified employee pensions and SIMPLEs.  With respect to traditional IRAs, the course considers the issues of eligibility, contribution limits and investment vehicles.  Tax treatment of traditional IRA funds is discussed, including the treatment of contributions, accumulations, transfers and distributions.  The premature distribution penalties and its exceptions are addressed.  Roth IRAs, created by TRA’97, are discussed, including eligibility, contribution limits and distributions.  Conversions from traditional to Roth IRAs are examined and the tax consequences discussed.  The increased limits authorized by the Economic Growth and Tax Relief Reconciliation Act of 2001 are addressed and the Age 50+ catch-up provisions are explained.  At the conclusion of this course, the student can be expected to understand:

  • Traditional and Roth IRA rules with respect to eligibility and contributions
  • The benefits of tax-deferred accumulation
  • The rules governing traditional IRA distributions, rollovers, transfers and conversions to Roth IRAs
  • The tax rules governing traditional and Roth IRA contributions and withdrawals
  • The rules applicable to Coverdell Education Savings Accounts
  • The contribution and distribution rules governing SEPs and SIMPLE IRAs
Usage Rank : 20030
Release : 2025
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 25-Jan-2025
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 - 2465

Keywords : Taxes, Individual, Retirement, Accounts, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this basic course, the student should be able to:
    1. Discuss the rules governing eligibility and permitted contribution levels for traditional and Roth IRAs.
    2. Explain the tax treatment of contributions to and distributions from traditional and Roth IRAs.
    3. Describe the benefits of tax-deferred accumulation.
    4. Explain the rules concerning permitted IRA investments.
    5. Discuss traditional and Roth IRA distribution rules.
    6. Explain Coverdell Education Savings Account contribution and distribution rules and their tax implications.
    7. Discuss the contribution and distribution rules that apply to SEP IRAs and SIMPLE IRAs.

Chapter 1
Traditional Individual Retirement Accounts

In this chapter we will look at the initial IRA rules and the principal changes to the program since its inception. When you have completed this chapter, you should be able to:
  • Describe the general provisions and limits applicable to IRAs at the time of their introduction;
  • Identify the enhancements made to the early IRA program that currently permit:
      o Spousal IRAs for unemployed spouses,
      o Active participants in employer-sponsored qualified plans to participate in IRAs,
      o Eligible individuals to participate in Roth IRAs that offer tax-free qualified distributions, and
      o Contributions to be made to Coverdell Education Savings Accounts.

Chapter 2
Roth Individual Retirement Accounts

In this chapter we will look at the rules governing Roth IRAs. When you have completed this chapter you should be able to:
  • Discuss the limitations imposed on Roth IRA eligibility and contributions;
  • Explain the tax treatment of contributions to and distributions from Roth IRAs;
  • Describe the conditions that must be met for a Roth IRA distribution to be considered a “qualified distribution”;
  • Explain the distribution rules applicable to Roth IRA distributions upon the death of the owner; and
  • Discuss the rules applicable to traditional to Roth IRA conversions.

Chapter 3
Individual Retirement Account Funding

In this chapter we will look at the rules governing the financial products in which IRA assets may be invested. When you have completed this chapter you should be able to:
  • Discuss the financial vehicles in which IRA assets may be invested;
  • Identify the investments in which IRA assets may not be allocated;
  • Describe the additional benefits provided by investing IRA assets in an annuity; and
  • List the factors that should be considered in determining the suitability of a variable annuity as a client’s IRA investment.

Chapter 4
Education IRAs (Coverdell Education Savings Accounts)

In this chapter we will look at the rules governing Coverdell Education Savings Accounts (ESAs). When you have completed this chapter you should be able to:
  • Discuss the tax treatment of ESA earnings and distributions;
  • Explain the eligibility requirements applicable to ESA contributors and beneficiaries;
  • Describe the ESA contribution limits; and
  • Discuss the rules governing ESA rollovers.

Chapter 5
Simplified Employee Pension IRAs

In this chapter we will look at the rules governing Simplified Employee Pension IRAs. When you have completed this chapter you should be able to:
  • Identify the additional employer benefits associated with establishing a Simplified Employee Pension IRA compared to establishing a qualified plan;
  • Explain the rules governing the employees that must be included in, and the employees that may be excluded from, a Simplified Employee Pension IRA;
  • Discuss the rules applicable to employer and employee contributions to a Simplified Employee Pension IRA;
  • Describe the tax treatment of Simplified Employee Pension IRA contributions and distributions; and
  • Explain the rules applicable to Simplified Employee Pension IRA rollovers.

Chapter 6
SIMPLE IRAs

In this chapter we will look at the rules governing SIMPLE IRAs. When you have completed this chapter you should be able to:
  • Describe the eligibility rules applicable to a SIMPLE IRA for employers and employees;
  • Explain the rules governing SIMPLE IRA contribution sources and the limits applicable to annual additions;
  • Describe the rules and restrictions governing rollovers from a SIMPLE IRA; and
  • Discuss the taxation and rules applicable to SIMPLE IRA distributions.

Course Contents :

Course Learning Objectives

How You Will Learn

Why This Information is Important and How You Can Use It

Chapter 1 - Traditional Individual Retirement Accounts

Chapter Learning Objectives

Important Lesson Points

Background, Definition & Eligibility

Individual Retirement Accounts Affected by SECURE Act and Disaster Acts

SECURE Act IRA Contribution Changes

Elimination of Age Limit on Traditional IRA Contributions

Taxable Non-Tuition Fellowship and Stipend Payments Considered Compensation

Certain Foster Care Payments as Basis for Non-Deductible IRA Contribution

SECURE Act and SECURE Act 2.0 IRA Distribution Changes

Minimum Distributions Required at Age 73

Certain Qualified Birth or Adoption Distributions Avoid Early Distribution Penalty

Certain Inherited IRA Balances Must be Fully Distributed within 10 Years

Qualifying Longevity Annuity Contract Rules Changed

Annuity Periodic Payment Flexibility

Disaster Act IRA Distribution Changes

Premature Distribution Penalty for Emergency Distributions

Premature Distribution Penalty for Terminally Ill Individuals

Premature Distribution Penalty—Correcting Excess Contributions

Charitable Distributions from Individual Retirement Accounts

Statute of Limitations on RMD Insufficiency and Excess Contribution Penalties

Expansion of Employee Plans Compliance Resolution System

Traditional IRA Rules

Earned Income

Limits on Contributions

Maximum Annual Contributions

Traditional IRA Tax Considerations

Traditional IRA Tax Considerations—Contributions

Tax Treatment of Contributions by Active Participants

Tax Credits

Repeal of the Saver’s Credit

Summary

Review Quiz #1

Traditional IRA Tax Considerations—Accumulations

Traditional IRA Tax Considerations—Rollovers

Eligible Rollover Distributions

Rollover of Qualified Birth or Adoption Distributions

Eligible Rollover Distributions

Direct and Indirect Rollovers

Mandatory Withholding

Avoiding Rollover Withholding

Indirect Rollovers Subject to Timing and Frequency Limitations

EGTRRA Permits Rollover of After-Tax Contributions

Summary

Review Quiz #2

Distribution

Premature Distributions

Premature Distributions Avoiding Tax Penalty

Pro-Rata Distribution of Non-Deductible Contributions

Required Distributions during Owner’s Lifetime

Required Minimum Distribution Amount

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

Death Before an Owner’s Required Beginning Date 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 #3

Chapter 2 - Roth Individual Retirement Accounts

Chapter Learning Objectives

Important Lesson Points

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 ˝ Subject to Tax Penalty

No Lifetime Required 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 #4

Chapter 3 - Individual Retirement Account Funding

Chapter Learning Objectives

Important Lesson Points

IRA Investment Options

Trust or Custodial Account IRA Funding

Prohibited IRA Investments

Separately-Paid Custodial Fees a Miscellaneous Itemized Deduction

Using Annuities to Fund IRAs

Non-Tax Benefit #1: Annuity Death Benefits

Non-Tax Benefit #2: Annuity Life Income


Annuities and the SECURE Act 2.0

Qualifying Longevity Annuity Contracts

Divorce After QLAC Purchase

Penalty on Partial Annuitization

Variable Annuity Suitability Requirements

Securities Exchange Commission Rules

Regulation Best Interest

The Disclosure Obligation

The Care Obligation

The Conflict of Interest Obligation

The Compliance Obligation

Effect of Regulation Best Interest

Impact of the Disclosure Obligation

Impact of the Care Obligation

Annuity Sales & Best Interest Obligation

Summary

Review Quiz #5

Chapter 4 - Education IRAs (Coverdell Education Savings Accounts)

Chapter Learning Objectives

Important Lesson Points

Definition & Eligibility

Limits on Contributions

Eligible ESA Beneficiaries

Tax Considerations

Tax-Free ESA Distributions

Qualified Education Expenses

Eligible Educational Institution

Taxation of Excess ESA Distributions

Summary

Review Quiz #6

Chapter 5 - Simplified Employee Pension IRAs

Chapter Learning Objectives

Important Lesson Points

Introduction

New Plan Startup Cost Tax Credit

Amount of the Tax Credit

SECURE Act 2.0 Changes to the Start-Up Tax Credit

Contributions

Defined Contribution Plan Limits Apply

Certain Employees Must Be Included

SEP Contributions for Domestic Employees

SEP Integration Permitted

Employee Plan Contributions Permitted

Active Participant Rules Apply to Employee Contributions

Distributions

Regular Distributions

Premature Distributions

Required Minimum Distributions

SEP Rollovers

Summary

Review Quiz #7

Chapter 6 - SIMPLE IRAs

Chapter Learning Objectives

Important Lesson Points

Definition & Eligibility

SIMPLEs Offer Less Expensive Alternative to Qualified Plans

SIMPLEs Restricted to Small Employers

SIMPLE IRA and SIMPLE 401(k) Replacements

Replacement by a 401(k) Safe Harbor Plan

SIMPLE IRA Contributions

Employee Elective Contributions

Catch-up Contributions

Increased Catch-Up Amounts at Ages 60-63

Increased catch-up amounts are indexed for inflation for years after 2025.

Employer Contributions

Matching Employer Contributions

Student Loan Payments Considered Elective Deferrals

Nonelective Employer Contributions

SECURE Act 2.0 Authorizes Increased Contributions for SIMPLEs

Additional Non-Elective Contributions Permitted

Other SIMPLE Requirements

Nonrefundable Tax Credit for Lower Income Employees

Repeal of the Saver’s Credit

SIMPLE Distributions

Premature Distributions

Exceptions to Premature Distribution Tax Penalty

Required Minimum Distributions

Rollovers

Direct and Indirect Rollovers

Rollover Recipient Plan

Summary

Review Quiz #8

Glossary

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