Objectives
Once participants have completed this session, they should be able to:
- 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 «) and after their death.
Course Level
Intermediate
Vendor
The Tax U More With This Vendor
Designed For
Professionals that advise clients on all aspects of IRAs and want to maximize retirement plan contributions, minimize the taxes on distributions and learn the ins and outs of distributions from these accounts.
Prerequisites
None.
Event Leaders
Rating: 
4.89
Pat Garverick is a Certified Public Accountant (CPA) who began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country. In addition to being a CPA, Garverick is also a Certified Financial Planner (CFP®). Garverick has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. During his time in college Garverick earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater, OSU.
More With Garverick, J Patrick
Garverick, J Patrick
Rating:
4.89
Pat Garverick is a Certified Public Accountant (CPA) who began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country. In addition to being a CPA, Garverick is also a Certified Financial Planner (CFP®). Garverick has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. During his time in college Garverick earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater, OSU.
Highlights
Each attendee will receive the most comprehensive IRA reference manual with numerous practice aids, examples and required minimum distribution tables. Topics include but are not limited to:
- An emphasis on newly enacted tax legislation affecting IRAs.
- 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 that 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 « 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.
Related Courses
