This two-hour course covers the basic tax rules of individual retirement accounts and examines the creation of, contributions to, and distributions from the IRA that is not a Roth IRA.
- What structure and operational rules are required to qualify the account?
- What investment restrictions apply to an IRA?
- What transactions involving an IRA are prohibited?
- What amounts may be contributed and deducted?
- How are distributions from an IRA taxed?
- When are distributions premature, and how can the penalty tax be avoided?
- What planning opportunities are available?
- Describe the various types of IRAs, the qualification requirements for IRAs, and the reporting and disclosure requirements of IRA owners
- Discuss the general rules and limitations regarding contributions
- Explain the federal income-tax rules applicable to IRA distributions and the basis-recovery rules
- Summarize the 10-percent early distribution rules
- Discuss the income-tax-planning opportunities with IRAs
CPAs who want to learn about this key area of practice and all of the planning options available