Individual Retirement Accounts

  • Credits: 9
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Update
  • Author/ Speaker: Paul J. Winn CLU ChFC

Course ID: Advanced Preparation: Experience Level:
EWTFM-U-01358-19-S Basic Understanding of Taxes Basic
Published Date: Program Prerequisites: Other Course Formats:
© April 2019 None eBook | Self-Study


Individual Retirement Accounts examines the rules governing traditional and Roth IRAs, Education IRAs (now called Coverdell Education Savings Accounts), simplified employee pensions, and SIMPLEs. With respect to traditional IRAs, the course considers the issues of eligibility, contribution limits, and investment vehicles. Tax treatment of traditional IRA funds is discussed, including the treatment of contributions, accumulations, transfers, and distributions. The premature distribution penalties and its exceptions are addressed. Roth IRAs, created by TRA’97, are discussed, including eligibility, contribution limits, and distributions. Conversions from traditional to Roth IRAs are examined and the tax consequences discussed. The increased limits authorized by the Economic Growth and Tax Relief Reconciliation Act of 2001 are addressed and the Age 50+ catch-up provisions are explained.

Topics include:

  • Traditional and Roth IRA rules with respect to eligibility and contributions.
  • The benefits of tax-deferred accumulation.
  • The rules governing traditional IRA distributions, rollovers, transfers, and conversions to Roth IRAs.
  • The tax rules governing traditional and Roth IRA contributions and withdrawals.
  • The rules that are applicable to Coverdell Education Savings Accounts.
  • The contribution and distribution rules governing SEPs and SIMPLE IRAs.

Learning Objectives:

After reading the course material, you will be able to:

  • Discuss the rules governing eligibility and permitted contribution levels for traditional and Roth IRAs.
  • Explain the tax treatment of contributions to and distributions from traditional and Roth IRAs.
  • Demonstrate the benefits of tax-deferred accumulation.
  • Outline the rules concerning permitted IRA investments.
  • Discuss traditional and Roth IRA distribution rules.
  • Explain Education IRA contribution and distribution rules and their tax implications.
  • Discuss the contribution and distribution rules that apply to SEP IRAs.
  • Delineate the contribution and distribution rules that apply to SIMPLE IRAs.

Who Should Attend:

  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and approved with all state boards of accountancy and the following sponsorships: