Roth IRAs

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

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 3 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: Feb, 2010
Accreditation: NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - Nondeductible (ROTH) IRAs
Learning Objectives 1
Overview
Tax-free Earnings
Deemed IRAs
Contribution Limit
Catch-Up Contributions
Repayments
Figuring the Reduction
Excess Contributions


Lesson 2 - Rollovers
Learning Objectives 2
Rollover into a Roth IRA
From Employer's Plan
Rollover From a Roth IRA
Converting
Failed Conversions
Recharacterizations
Reconversions
How to Recharacterize


Lesson 3 - Distributions
Learning Objectives 3
Qualified Distributions
10% Penalty
Other Early Distributions
First-Time Homebuyer
Ordering Rules
Taxable Part
Withdrawing Roth IRA Assets
If Roth IRA Owner Dies


Lesson 4 - Contributions Credit
Learning Objectives 4
Retirement Savings Credit
Claiming the Credit
AGI for Credit
Eligible for Credit
Reducing Contributions
Effect on Other Credits
How to Figure/Report Credit

Course Objectives

Lesson - 1
After completing Lesson 1, you will be able to:
  • Identify the rules regarding modified AGI for purposes of contributions to a Roth IRA
  • Identify how to treat qualified reservist repayments
  • Identify when a taxpayer's Roth IRA contribution is completely phased out
  • Figure a taxpayer's deductible IRA contribution
  • Identify the reporting requirements for Roth IRA contributions
  • Define compensation for IRA purposes
  • Identify the rules that apply to both traditional IRAs and Roth IRAs
  • Identify the rules regarding catch-up contributions in certain employer bankruptcies

    • 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 how to recharacterize the Roth IRA back to a traditional IRA
  • Determine if a traditional IRA can be rolled over into a Roth IRA
  • Identify the consequences of a failed conversion
Lesson - 3
After completing Lesson 3, you will be able to:
  • Apply the ordering rules for distributions
  • Determine if the 10% penalty applies
Lesson - 4
After completing Lesson 4, you will be able to:
  • Determine eligible contributions regarding the retirement savings contributions credit
  • Identify eligible persons for purposes of taking the retirement savings contributions credit
  • Determine the maximum contribution taken into account per person