IRAs: Contributions, Conversions & Distributions Webcast [IRACCD]

Full Description

IRAs: What You Need to Know about Contributions, Conversions & Distributions Webcast (IRACCD)

September 10th, 2024 / 9:00 am 11:00 am Alaska Time

Live Webcast / Washington Society of CPAs Virtual Classroom

This course covers the essentials of IRAs. Well 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). Well also discuss how to get a waiver for clients who fail to take a required minimum distributions and other traps in the IRA area including prohibited transactions, excess contributions, and impermissible investments.

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 a waiver 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).

Learning 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.

Designed For: CPAs and in public practice and tax staff in private practice who have some experience with federal taxes.

CPE Credits: 2, Taxation

Level of Knowledge: Intermediate

Prerequisite: None

Acronym: IRACCD

Discussion Leader: Greg White, CPA

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