Distributions from retirement accounts is inevitable, and distributions can be taxable. However, the tax code includes provisions that can be taken to minimize income taxes that would be due on retirement account assets and avoid penalties. Being aware of these provisions is the first step to taking advantage of these tax benefits. Of course, understanding the steps that should be taken is equally as important.
DESIGNED FOR
Financial advisors, tax professionals, and individuals who support IRAs and employer plans (employees of financial institutions who answers questions about and handle transactions for IRAs and employer plans).
BENEFITS
- Identify early distributions
- Determine the taxability of distributions and whether distributions can result in avoidable penalties
- Know different penalty exceptions that apply to different types of retirement plans
- Understand how beneficiaries can avoid unintended tax consequences from unintentional distributions
- Identify opportunities for tax reduction strategies for distributions from employer-sponsored plans
HIGHLIGHTS
- What is an early distribution?
- Rollover eligibility for distributions
- How to determine when the required minimum distribution rules apply
- Choosing the “right” distribution option for a spouse beneficiary
- Qualified Roth IRA distributions
- Net unrealized appreciation and other considerations for distributions from employer plans
- Required minimum distributions for account owners
- Required minimum distributions for inherited accounts
COURSE LEVEL
Intermediate
PREREQUISITES
A basic understanding of individual income tax.
ADVANCE PREPARATION
None