Checkpoint Learning

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IRAs - Distributions  

CATEGORY: Taxation
COURSE ID: CLIDIS, VERSION 13.00
(45)
Online & Mobile, Download
7 CPE Credits
Level: Advanced

Sooner or later, taxpayers distribute funds from their IRA. In some cases, it is mandatory and in others it is voluntary. Upon reaching the age of 70-1/2, the taxpayer is faced with the challenge of making a distribution from his traditional IRA (or IRAs) as well as from each qualified retirement plan. Today, trustees of each plan have the responsibility to provide the required minimum distribution amount to the taxpayer at the start of the tax year. The accountant, on the other hand, is responsible for verifying the calculation for the client and more importantly, to estimate the annual required minimum distribution calculations for the upcoming years so the client has an idea of his financial position. This course gives the reader the tools to understand the various rules for making such a calculation from an IRA as well as a qualified plan. In the case of a voluntary distribution, it may be qualified or nonqualified. A nonqualified distribution opens up the early distribution excise tax. If a taxpayer can satisfy one of the many exceptions discussed in this course, the taxpayer is able to avoid the tax. Good complements to this course are the Checkpoint Learning courses IRAs - Contributions and Retirement Income Taxation. These courses provide a complete discussion of the rules for contributing to, transferring between, and distributing from the qualified plans.

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