IRAs: Tax Efficient Tools for Retirement WEBAST

Monday, August 16 8:00am - 3:30pm PDT

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8.0 Credits

Member Price $289.00

Non-Member Price $389.00

Overview

Review tax provisions from the SECURE Act affecting IRAs (effective January 1, 2020). Explore how the SECURE Act law changes may affect your clients’ retirement and wealth planning strategies. Review new life expectancy tables (effective January 1, 2022) used for computing required minimum distributions, compare them to the current tables, and discuss implications of the change. We will also examine recent legislative and administrative developments dealing with IRAs. Introduce and discuss “Bitcoin IRAs” and potential pros and cons of holding cryptocurrencies in IRAs, including alternative approaches. Help your clients tax-efficiently save for retirement. Review the ins and outs of contributions to, distributions from, and tax planning for various types of individual retirement accounts (IRAs). For example, how might changes in the political climate and changes in the stock market affect decisions about whether it may be time to consider converting from traditional retirement accounts to a Roth IRA. We’ll discuss that decision. The comprehensive IRA reference materials provided to participants, including examples of relevant tax law applications and tax planning strategies, will help you provide great value to clients.

Highlights

The SECURE Act, particularly as it relates to IRAs. Contribution and deduction limits (including phase-outs) to traditional, Roth, SEP, Individual 401ks and SIMPLE IRAs. Taxation of distributions from various IRAs. Rollover rules to/from different retirement accounts. Required minimum distribution (RMD) rules from IRAs. Overview of factors relevant to Roth vs. traditional IRA decision and whether it makes sense to roll from a traditional retirement account to a Roth IRA. What is a “Bitcoin IRA” and what factors should you consider before acquiring cryptocurrencies in an IRA?

Prerequisites

General knowledge of individual/business income taxation and retirement accounts.

Designed For

Professionals wanting to learn about new tax laws associated with IRAs and interested in helping clients save for retirement in a tax-efficient manner.

Objectives

Understand how the recently passed SECURE ACT affects IRA owners. Discuss revised life expectancy tables effective in 2022. Discussion of how to acquire cryptocurrencies in “Bitcoin IRAs” and identifying pros and cons associated with doing so. Evaluate factors relevant in making the Roth vs. traditional IRA decision, including understanding whether rolling from a traditional into a Roth IRA makes sense. Identify other tax planning opportunities associated with IRAs. Determine similarities and differences between various IRAs such as traditional, Roth, SEP, Individual 401k and SIMPLE. This includes comparing traditional 401ks and Roth 401ks to IRAs. Calculate maximum contributions to various IRAs. Determine the taxability of distributions from various IRAs. Identify when early withdrawal penalties apply to distributions from various IRAs. Compute required minimum distributions from IRAs under the newly passed SECURE Act rules.

Preparation

None.

Notice

None.

Leader(s):

Leaders

Brian Spilker

Brian Spilker (PhD, University of Texas at Austin, 1993) is the Robert Call/Deloitte Professor in the School of Accountancy at Brigham Young University. He teaches taxation in the graduate and undergraduate programs at Brigham Young University. He received both BS (Summa Cum Laude) and MAcc (tax emphasis) degrees from Brigham Young University before working as a tax consultant for Arthur Young & Co. (now Ernst & Young). After his professional work experience, Brian earned his PhD at the University of Texas at Austin. In 1996, he was selected as one of two nationwide recipients of the Price Waterhouse Fellowship in Tax Award. In 1998, he was a winner of the American Taxation Association and Arthur Andersen Teaching Innovation Award for his work in the classroom; he has also been awarded for his use of technology in the classroom at Brigham Young University. Brian researches issues relating to tax information search and professional tax judgment. His research has been published in journals such as The Accounting Review, Organizational Behavior and Human Decision Processes, Journal of the American Taxation Association, Behavioral Research in Accounting, Journal of Accounting Education, Journal of Corporate Taxation, and Journal of Accountancy.

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Non-Member Price $389.00

Member Price $289.00