Individual Retirement Arrangements

Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 4 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: Jan, 2010
Accreditation: NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - Who Can Set Up an IRA
Learning Objectives 1
Overview
Important Reminders
Regular/Spouse IRA
What Income Is Compensation
What Income Is Not Compensation


Lesson 2 - Kinds of IRAs
Learning Objectives 2
Individual Retirement Account
Individual Retirement Annuity
Individual Retirement Bonds
Employer/Employee Association Trust Accounts
Inherited IRAs
Estate Tax Deduction
Required Disclosures


Lesson 3 - How Much Can Be Contributed/Deducted
Learning Objectives 3
Contribution
Contribution Limits
When to Contribute
Deductible Contributions
When Are You Covered
When Are You Not Covered
Nonrefundable Credit


Lesson 4 - Deduction Limits
Learning Objectives 4
Full/Reduced Deduction
Adjusted Gross Income Limitation
How To Figure Reduced IRA Deduction
Deductible/Nondeductible Spousal IRA
Reporting Deductible Contributions
Nondeductible Contributions
Reporting Nondeductible Contributions
Tax-Free Withdrawal of Contributions
Comprehensive Example


Lesson 5 - Transfers/Rollovers
Learning Objectives 5
Transfers
Rollovers
Time Limit
Rollover From One IRA Into Another
Rollover From Employer's Plan
Direct Rollover Option/Limits
Distributions Received
Keogh Plans and Rollovers, Etc.
Reporting Rollovers/Explanation
Transfers Incident to Divorce
Converting
Recharacterizations
Reconversions


Lesson 6 - When to Withdraw From an IRA
Learning Objectives 6
Age 59-1/2 Rule
Exceptions
Required Distributions
Minimum Distributions
Beneficiaries
IRA Account Balance
Determining Life Expectancy
Miscellaneous Rules for Minimum Distributions


Lesson 7 - Tax Treatment of Distributions
Learning Objectives 7
Fully or Partly Taxable
Figuring Nontaxable/Taxable Amounts
Recognizing Losses on IRA Investments
Special IRA Situations
Reporting/Withholding Requirements


Lesson 8 - What Acts Result in Penalties
Learning Objectives 8
Prohibited Transactions
Exemptions
Excess Contributions
After Due Date
Deduction in Later Year
Premature Distributions
Excess Accumulations
Reporting Additional Taxes

Course Objectives

Lesson - 1
After completing lesson 1, you will be able to:
  • Identify what income is compensation for IRA purposes
  • Figure earned income for determining how much can be contributed to an IRA

    • Pay particular attention to paragraphs marked by the Wiseguy.

    He'll guide you to key issues.

Lesson - 2
After completing lesson 2, you will be able to:
  • Identify the accounts permitted for individual retirement accounts
  • Determine how to treat inherited traditional IRAs

Lesson - 3
After completing lesson 3, you will be able to:
  • Figure the contribution limits for a traditional IRA
  • Figure deductible contributions
  • Identify when a taxpayer is covered by an employer retirement plan

Lesson - 4
After completing lesson 4, you will be able to:
  • Figure a reduced IRA deduction
  • Determine when a contribution is nondeductible

Lesson - 5
After completing lesson 5, you will be able to:
  • Identify what is and is not an eligible rollover distribution

Lesson - 6
After completing lesson 6, you will be able to:
  • Determine when a taxpayer must take a required distribution

Lesson - 7
After completing lesson 7, you will be able to:
  • Identify the reporting/withholding rules for traditional IRA distributions
Lesson - 8
After completing lesson 8, you will be able to:
  • Identify how to treat excess contributions
  • Identify when to file Form 5329
  • Identify when a distribution is subject to the 10% penalty for premature distributions