The primary means of funding an IRA is by making regular contributions. And, while contributing to an IRA is a simple enough process, IRA owners must consider other means of funding and tax benefits. Failure to comply with the rules and limitations creates room for costly mistakes including loss of tax deferred status and excise tax.
In this program, national IRA expert Denise Appleby will take you through the rules for making contributions to Traditional IRAs and Roth IRAs; explain the factors to consider when choosing between Roth and Traditional IRAs, the required minimum distribution rules, qualified charitable distributions (QCD) considerations and more.
Learning Objectives
Upon completion of this course, participants will be able to:
Determine clients' eligibility to make contributions to traditional IRAs and Roth IRAs;
Make a distinction between eligibility and deductibility for IRA contributions;
Perform backdoor Roth IRA contributions;
Help clients correct excess contributions made to Roth IRAs and traditional IRAs;
Recharacterize contributions made to traditional IRAs and Roth IRAs;
Help affected clients avoid the 6% excise tax that can apply to ineligible contributions; and
Determine the responsible parties for the various tax reporting requirements for IRA contributions.
