IRAs - Distributions  

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 73 (previously 70-1/2 and 72), the taxpayer is faced with the challenge of making a distribution from their 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 their 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 voluntary distribution, it may be qualified or nonqualified. A nonqualified distribution triggers 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 excise 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 qualified plans.

This advanced level course focuses on the development and expansion of in-depth knowledge, skill, and application of IRAs. This course is most appropriate for the professional with mastery of this topic or the professional seeking to expand their knowledge base and who may be a seasoned professional within an organization. This course also may be appropriate for other professionals with specialized knowledge in this topic. This course has been updated to include the relevant tax provisions of the SECURE 2.0 Act, Final Regulations for Life Expectancy, and updates issued in Revenue Procedures and IRS Notices.

By proceeding to the examination, you acknowledge and confirm that you have completed the required coursework.