Retirement Distributions: Planning Options

Description

Retirement accounts are a critical asset. Go beyond calculations. Learn to provide retirement planning input. Beneficiary rules have changed. Improper choices and faulty distribution calculations can result in penalties or unnecessary taxes. Retirement benefits will be paid out much earlier than was required for pre-2020 deaths. Recent relief for those in disaster areas or affected by the pandemic shows that the law is dynamic and plans may require an update. Course materials contain regulations governing plan distributions and copies of all appropriate IRS forms and rulings, updated with the latest cases, rulings, regulations and legislation.

Highlights

• Roth IRA: The right choice?
• Income tax treatment of distributions from qualified plans of all types.
• Relief for late rollovers and disaster victims.
• Strategies for distributions before age 59.5.
• Laws, regulations and IRS rulings concerning plan distributions.
• Avoiding the 50 percent penalty on deficient distributions.
• Integration of estate planning with distribution decisions.
• Surviving spouse opportunities and dilemmas.
• Self-directed IRA investment problems.

Objectives

• Identify all of the individual income tax series 1040 and basic schedules and know when each form is used.
• Identify the major individual income tax items that most taxpayers report each year.
• Be familiar with source documents and how to use these documents to complete form 1040.
• Calculate the income tax liabilities of individual taxpayers with common individual tax items.
• Be familiar with resources that are available to assist the practitioner in identifying and then resolving individual income tax questions.
• Reinforce concepts through the use of basic quick case studies.

Designed For

CPAs, tax professionals, financial planners, attorneys and investment advisers.