IRAs: What You Need to Know about Contributions, Conversions and Distributions

Dive into the essentials of IRAs with this course. We'll go well beyond the basics to cover crucial topics: when to convert traditional IRAs to Roth IRAs, how to minimize tax on conversion, and when clients should recharacterize IRA contributions (and how to recharacterize). We'll also discuss how to get waivers for clients who fail to take required minimum distributions and other traps in the IRA area including prohibited transactions, excess contributions, and impermissible investments.

Objectives

Identify clients who should convert traditional IRAs to Roth IRAs. Identify clients who should recharacterize IRA contributions and how to recharacterize. Determine who are the ideal beneficiaries of a particular IRA.

Highlights

Determine clients who are well suited for conversion from traditional to Roth IRAs. When should clients recharacterize IRA contributions? What special traps are present in the IRA area? How to receive waivers for clients who failed to take the proper required minimum distributions (updated for the SECURE Act 2.0). Requirement minimum distributions from inherited IRAs (updated for SECURE Act 2.0 and also 2023 IRS guidance).

Who Will Benefit

CPAs and tax practitioners

Notice

Qualifies for EA Credit

Notice

Qualifies for EA Credit

Credits