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Credits: 2

Qualifies For: IRS

$39
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Understanding Traditional IRAs (UNRI)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

This two-hour course covers the basic tax rules of individual retirement accounts and examines the creation of, contributions to, and distributions from the IRA that is not a Roth IRA.

Major Topics:

  • What structure and operational rules are required to qualify the account?
  • What investment restrictions apply to an IRA?
  • What transactions involving an IRA are prohibited?
  • What amounts may be contributed and deducted?
  • How are distributions from an IRA taxed?
  • When are distributions premature, and how can the penalty tax be avoided?
  • What planning opportunities are available?

Learning Objectives

  • Describe the various types of IRAs, the qualification requirements for IRAs, and the reporting and disclosure requirements of IRA owners
  • Discuss the general rules and limitations regarding contributions
  • Explain the federal income-tax rules applicable to IRA distributions and the basis-recovery rules
  • Summarize the 10-percent early distribution rules
  • Discuss the income-tax-planning opportunities with IRAs

Who should take this course:

Designed for:

Prerequisite:

None

Advanced Preparation:

None

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