Highlights
• An emphasis on newly enacted tax legislation affecting IRAs., including the NEW final required minimum distribution (RMD) regulations
• Contribution limits to and tax treatment of distributions from Traditional, Roth, SEP and SIMPLE IRAs
• Deductible phase-out limits for Traditional IRA contributions for taxpayers who are active participants in qualified retirement plans
• Roth IRA contribution phase-out limits, as well as tax-free qualified distributions
• Planning opportunities for conversions to ROTH IRAs
• Rollover rules to/from different retirement accounts and the one-rollover-per-year limitation
• The different options of receiving IRA distributions before age 59 ½ and avoiding the 10% early distribution penalty (including substantially equal periodic payments)
• The required minimum distribution (RMD) rules from IRAs needed to avoid the 50% penalty after the account owner turns age 72 or dies
• The tax ramifications of spouse and non-spouse beneficiaries and how this affects the RMD calculation after the account owner's death
• Overview of health savings account (HSA) eligibility rules, contribution limits and distribution rules
Objectives
• Compare and contrast the tax and non-tax advantages and disadvantages of the various IRAs (i.e., Traditional, Roth, SEP, SIMPLE and HSAs)
• Calculate the maximum contributions to and taxable distributions from the various IRAs
• List the exceptions to the 10% early withdrawal penalty from IRAs
• Explain the rules and compute the required minimum distribution (RMD) from the IRAs during an account owner's life (i.e., turns age 72 ½) and after their death