IRA, Roth, Roth Conversions

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Description

IRA, Roth, Roth Conversions
IRS Program #: X9QQU-T-01040-23-O
CTEC #: 6257-CE-0209
CE: 2 IRS / 2 CTEC
Speaker: Diane Castell, EA

Individual Retirement Accounts were established for taxpayers who do not have an employer-sponsored retirement plan available to participate in. They are also available to employees with employer-sponsored retirement plans depending on income levels. A variety of tax ramifications are considered. There are different Required Minimum Distribution (RMD) requirements, and these are explored.

Learning Objectives:

Recall the qualification requirements to contribute to a Traditional or Roth IRA.
Explain the potential tax benefits for contributing to an IRA and under what conditions those benefits are recognized.
Illustrate the advantages and tax ramifications of performing a Roth Conversion.
List the Required Minimum Distribution rules for Traditional and Roth IRAs and how that varies for personal or inherited IRAs.
Contrast the IRA RMDs from year-to-year and contrast that to pensions which may or may not have inflation adjustments.
Describe the distribution requirements related to completing the full distribution of the accumulated funds for inherited IRAs.
Describe the impact and use of various withdraw and conversion strategies to minimize overall taxes, particularly with larger IRAs where RMDs could eventually push the taxpayer into higher tax brackets or hit the taxpayer with Medicare premium penalties (i.e., MRAA adjustments).
Explain the special tax issues for Roth IRA distributions and when those distributions are taxable.
Recall the penalty issues for each IRA type and distribution scenario.
Illustrate the advantages of Qualified Charitable Distributions, list the requirements to execute these, and explain how they are reported on the income tax return.
Discuss the potential issues with an IRA being owned by an estate or trust. (This objective is high-level only as it reoccurs later in the program.)

Contributors

Diane Castell, EA

Diane began working for her father’s CPA practice at a young age. She sent on to earned her Bachelor’s Degree in Accounting in 1990, and eventually started her own business in accounting and tax preparation back in 2000.

Diane worked for H&R Block and Intuit for several years developing her skills and getting her certification as an Enrolled Agent from the IRS in 2008.
Diane has maintained relationships with clients all over the United States and has extensive experience in researching and filing returns in over 40 states.