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Computing Contributions and Distributions of IRAs

Summary

Individual retirement accounts (IRAs) are a very common retirement planning tool. This webinar covers the differences between traditional and Roth IRAs, how to calculate allowable IRA contributions based on whether or not taxpayers are covered under an employer plan, how to properly report distributions, and how to handle inherited IRAs. Additionally, we will review corrective actions when taxpayers contribute too much or forget to take required minimum distributions (RMDs).

Objectives

Upon completion of this course, you will be able to:

  • Compute the allowable IRA contribution and deduction
  • Calculate distribution options and requirements
  • Prepare Form 8606 for distributions and nondeductible contributions
  • Prepare Form 5329 to report additional taxes
  • Find, fix and avoid common mistakes, and request penalty waivers

Course Details

This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.






   

Presented by: Sheri Fronsee, CPA

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