This course offers a deep dive into the world of individual retirement accounts, equipping tax, accounting, and finance professionals with the knowledge to expertly navigate these critical investment tools. Starting with foundational IRA concepts and definitions, the course progresses through a range of topics including Roth IRAs, Coverdell ESAs, SEP IRAs, and SIMPLE IRAs. You will learn about the evolution of IRAs, understand the nuances of various IRA types, and explore the tax implications and distribution guidelines of each. The course's comprehensive approach ensures that you'll not only become familiar with IRA terminology and concepts but also understand how to apply this knowledge in practical scenarios, making it an invaluable resource for advising clients and enhancing your professional expertise.
Learning Objectives
After completion of this course, you will be able to:
Chapter 1
Describe the general provisions and limits applicable to IRAs at the time of their introduction;
Identify the enhancements made to the early IRA program that currently permit:
Spousal IRAs for unemployed spouses,
Active participants in employer-sponsored qualified plans to participate in IRAs,
Eligible individuals to participate in Roth IRAsthat offer tax-free qualified distributions, and
Contributions to be made to Coverdell Education Savings Accounts.
Chapter 2
Discuss the limitations imposed on Roth IRAeligibility and contributions;
Explain the tax treatment of contributions to and distributions from Roth IRAs;
Describe the conditions that must be met for a Roth IRAdistribution to be considered a "qualified distribution";
Explain the distribution rules applicable to Roth IRAdistributions upon the deathof the owner; and
Discuss the rules applicable to traditional to Roth IRAconversions
Chapter 3
Discuss the financial vehicles in which IRA assets may be invested;
Identify the investments in which IRA assets may not be allocated;
Describe the additional benefits provided by investing IRA assets in an annuity; and
List the factors that should be considered in determining the suitability of a variable annuity as a client's IRA investment.
Chapter 4
Discuss the tax treatment of ESA earnings and distributions;
Explain the eligibility requirements applicable to ESA contributors and beneficiaries;
Describe the ESA contribution limits; and
Discuss the rules governing ESA rollovers.
Chapter 5
Identify the additional employer benefits associated with establishing a Simplified Employee Pension IRA compared to establishing a qualified plan;
Explain the rules governing the employees that must be included in, and the employees that may be excluded from, a Simplified Employee Pension IRA;
Discuss the rules applicable to employer and employee contributions to a Simplified Employee Pension IRA;
Describe the tax treatment of Simplified Employee Pension IRA contributions and distributions; and
Explain the rules applicable to Simplified Employee Pension IRA rollovers.
Chapter 6
Describe the eligibility rules applicable to a SIMPLE IRA for employers and employees;
Explain the rules governing SIMPLE IRA contribution sources and the limits applicable to annual additions;
Describe the rules and restrictions governing rollovers from a SIMPLE IRA; and
Discuss the taxation and rules applicable to SIMPLE IRA distributions.
Major Topics
Traditional Individual Retirement Accounts
Roth Individual Retirement Accounts
Individual Retirement Account Funding
Education IRAs (Coverdell Education Savings Accounts)
Simplified Employee Pension IRAs
SIMPLE IRAs
