IRA Season Essentials: Critical Tax Planning Opportunities for IRAs - Part 2 FLEXCAST

Overview

The primary means of funding an IRA is by making regular contributions. And, while making a contribution seems like a simple enough process mistakes are often made that result in excess contributions, making contributions to the wrong type of IRA (traditional instead of Roth and vice versa) and failing to timely correct ineligible contributions.

In this program, national IRA expert Denise Appleby will take you through the rules for making contributions to Traditional IRAs and Roth IRAs; including when and how to claim deductions for traditional IRA contributions, how to switch from a traditional IRA contribution to a Roth IRA contribution, how to correct an excess IRA/Roth IRA contribution and avoid the 6% annual excise tax, and the tax reporting requirements for IRA contributions.

Part 1: IRA Contributions: Eligibility, Deductibility, and Backdoor Roth IRA Contributions Part 2: Recharacterizations, Excess Contribution Corrections, and Tax Reporting of IRA Contributions

Highlights

Recharacterizations, Excess Contribution Corrections, and Tax Reporting of IRA Contributions

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Determine clients’ eligibility to make contributions to traditional IRAs and Roth IRAs. Make a distinction between eligibility and deductibility for IRA contributions. Perform backdoor Roth IRA contributions. Help clients correct excess contributions made to Roth IRAs and traditional IRAs. Recharacterize contributions made to traditional IRAs and Roth IRAs. Help affected clients avoid the 6% excise tax that can apply to ineligible contributions. Determine the responsible parties for the various tax reporting requirements for IRA contributions.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.