IRAs - Excise Tax Issues  

Sooner or later, taxpayers distribute funds from their IRA. In some cases, it is mandatory and in others it is voluntary. In the case of a voluntary distribution, it may be qualified or nonqualified. A nonqualified distribution opens 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, Retirement Income Taxation, and IRAs-Distributions. These courses provide a complete discussion of the rules for contributing to, transferring between, and distributing from the IRAs and 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 his or her 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 Act, the CARES Act, Final Regulations for Life Expectancy, IRA 2022, and updates issued in Revenue Procedures and IRS Notices.