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

This case-driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of S-corporation taxation. The cornerstone of this course is the preparation of the Form 1120S using a fairly complex trial balance common to most S corporation income tax returns.

**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

• 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

• 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