As we age, the importance of effective retirement planning becomes increasingly critical, not just for ourselves but also for our clients. Tax practitioners, in particular, face the challenge of navigating complex tax laws to maximize retirement savings. This course offers a comprehensive solution, blending federal taxation with retirement planning strategies. Focused on practicality, it is tailored to address the needs of the self-employed and highly compensated individuals. The course covers a range of essential topics, including the differences between qualified and nonqualified deferred compensation plans, understanding the intricacies of various pension plans, and mastering the specifics of Roth IRAs and traditional IRAs. Participants will gain a thorough understanding of distributions from IRAs and other retirement plans, learning how to optimize tax-saving strategies for a secure and comfortable retirement.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Determined the differences between qualified and nonqualified deferred compensation plans identifying the tax advantages and disadvantages of each, that is fine the requirements of a qualified pension plan, and recognize how the basic ERISA provisions define the elements of qualified plans.
Identify the types of defined contribution and defined benefit plans and their effect on retirement benefits.
Recognize the elements of Roth IRAs and traditional IRAs by specifying how distributions work, how to set up the various IRAs, utilize tax-free rollovers, designate beneficiaries, and make distributions to beneficiaries, cite contribution limits for various IRAs, and determine how to recharacterize Roth IRA contributions.
Major Topics
- Deferred Compensation
Vesting
Individual Plans
- IRA's
Tax-Free Rollovers
