Individual Retirement Accounts examines the rules governing traditional and Roth IRAs, Education IRAs (now called Coverdell Education Savings Accounts), simplified employee pensions and SIMPLEs. With respect to traditional IRAs, the course considers the issues of eligibility, contribution limits and investment vehicles. Tax treatment of traditional IRA funds is discussed, including the treatment of contributions, accumulations, transfers and distributions. The premature distribution penalties and its exceptions are addressed. Roth IRAs, created by TRA'97, are discussed, including eligibility, contribution limits and distributions. Conversions from traditional to Roth IRAs are examined and the tax consequences discussed. The increased limits authorized by the Economic Growth and Tax Relief Reconciliation Act of 2001 are addressed and the Age 50+ catchoup provisions are explained.
Upon completion of the course, the student will be able to understand:
- Traditional and Roth IRA rules with respect to eligibility and contributions
- The benefits of tax-deferred accumulation
- The rules governing traditional IRA distributions, rollovers, transfers and conversions to Roth IRAs
- The tax rules governing traditional and Roth IRA contributions and withdrawals
- The rules applicable to Coverdell Education Savings Accounts
- The contribution and distribution rules governing SEPs and SIMPLE IRAs
End of Course Instructions
Congratulations! You have successfully completed your continuing education course. ATTENTION: Please complete the affidavit, if required, and provide to 3rd party affiliate of 360training.com that monitored your exam; otherwise, please complete the affidavit and fax to 360training.com at 512-853-2657. 360training will report your credit hours to the Department of Insurance within 15 days. You may also now print your completion certificate online. Keep in mind that certificates of completion must be kept on file for 5 years.