UMDR
TAX ISSUES AND PLANNING UNDER THE UNIFORM MINIMUM DISTRIBUTION RULES
The uniform minimum distribution rules were enacted to assure that retirement-plan assets are used for their intended purpose, providing retirement benefits for participants and their spouses, not as a means to accumulate and pass on substantial wealth to heirs. This course discusses the application of the minimum-distribution rules with respect to both annuities and nonannuity discretionary payouts from qualified plans and IRAs.
Major topics include:
- The vocabulary and terms of art associated with the minimum distribution rules;
- When and how the 50-percent excise tax on underpayments is applied;
- The differing application of the rules before and after the required beginning date;
- The rules that differ for spouse and nonspouse designated beneficiaries;
- How to compute the applicable life expectancies and the minimum-distribution amounts from both qualified plans and IRAs; and
- The requirements for using trusts as designated beneficiaries.
CPE Credit: 2 hours, Taxes
Level of Knowledge: Intermediate
Prerequisites: None
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