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Course Details

Individual Retirement Accounts for 2021 (Course Id 1857)

QAS / Registry / EA
  Add to Cart 
Author : Andrew Clark, EA
Course Length : Pages: 46 ||| 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 1857

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 : 12500
Release : 2021
Version : 1.0
Prerequisites : Basic understanding of federal income taxation concepts.
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 : 08-Jul-2021
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 - 1857

Keywords : Taxes, Individual, Retirement, Accounts, 2021, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

At the end of this course, students will be able to:
  • Identify the requirements for serving as a trustee for an IRA account.
  • Recognize the requirements for opening a traditional IRA account.
  • Recognize the maximum contribution that can be made by a taxpayer to an IRA account.
  • Calculate the amount of a partial deduction to an IRA account.
  • Identify when a taxpayer must start receiving distributions form an IRA account.
  • Calculate the amount of minimum distributions from an IRA account.
  • Recognize prohibited transactions for an IRA account.
  • Recognize the maximum contribution that can be made by a taxpayer to a Roth IRA account.
Course Contents :

Chapter 1 - Individual Retirement Accounts for 2021

Course Learning Objectives


Part 1 - Traditional IRAs

Retirement Planning

Starting Retirement Planning

Retirement Investment Tools

IRAs Defined

Individual Retirement Account

Individual Retirement Annuity

Roth IRA


Simplified Employee Pension (SEP) IRA

Tax Advantages of a Traditional IRA

Who can open a Traditional IRA


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


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



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



Uniform Lifetime Table

Distributions during a taxpayer’s lifetime

Sole beneficiary spouse who is more than 10 years younger


Prohibited Transactions

Basis in a Traditional IRA (Form 8606)


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



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


Part 2 - Review Questions


CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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